Bitcoin
BTC$27 080.57

0.50%

Ethereum
ETH$1 893.90

1.22%

Tether
USDT$1.000298

0.02%

Binance Coin
BNB$306.98

0.53%

USD Coin
USDC$1.000012

0%

XRP
XRP$0.518733

2.48%

Bitcoin set for a deeper correction


18 May 2023

#Bitcoin

The cryptocurrency market capitalisation remained near $1.127 trillion as attempts to develop growth came up against selling pressure near $1.14 trillion. The top cryptocurrencies over the past 24 hours have ranged from a 0.7% decline (Solana) to a 5.6% rise (XRP), while Bitcoin is losing 0.3% and Ether is rising by the same amount.

One can discern a moderately upward trend on Bitcoin's intraday charts, but it's worth noting that the price is failing to push up from that local support, which now passes near $27K. Investors and traders should be prepared for a price decline into the $25K area, as the market seems set for a full rally correction from the November lows.

Despite the Bitcoin network's continued rise in transaction volume, the number of active addresses has fallen to 764K - its lowest since July 2021. Due to the hype around BRC-20 and Ordinals tokens, the average transaction fee on the blockchain rose from $2.5 last year to $16.08 at the peak. The situation is to the benefit of Bitcoin miners, who are getting more commission on transactions than from mining for the fifth time in history (6.25 BTC), Glassnode noted.

News background

Bernstein Research expects lower US interest and bank deposit rates will spur public interest in Ethereum-stacking, which generates more interest income. In turn, it could start a new bullish trend in the crypto market. According to Bloomberg, the appeal of Bitcoin and other cryptocurrencies will decline as US crypto policy tightens and default risks increase.

During the trial of a lawsuit filed by exchange Coinbase, US Securities and Exchange Commission (SEC) officials said drafting laws to regulate cryptocurrencies will take years. In the meantime, fines will "come down". The SEC called Coinbase's lawsuit "unfounded". The number of transactions on the Dogecoin network has surpassed that of Bitcoin and Litecoin. The community speculates that this momentum is due to activity around DRC-20 tokens, which enable the creation of new digital assets on top of the blockchain.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 86.8% 12 $27 080.57 0.50% 1.41% $525 120 984 052 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90.8% 5 $1 893.90 1.22% 3.85% $227 727 252 078 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000298 0.02% 0% $83 274 522 418 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 3 $306.98 0.53% 0.34% $47 844 502 244 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000012 0% 0% $28 940 996 302 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 76.4% 40 $0.518733 2.48% 12.36% $26 965 484 878 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 90.8% 7 $0.375804 2.71% 4.65% $13 110 576 749 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 94% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 85.6% 14 $0.072136 0.28% 2.18% $10 070 286 642 DOGE 7 days price change
10 Solana (SOL) SOL Solana predictions 83.2% 27 $21.12 2.00% 9.24% $8 375 768 500 SOL 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 79.6% 31 $0.897462 0.39% -0.66% $8 327 966 768 MATIC 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 80.4% 36 $0.076148 1.38% -0.10% $7 742 460 822 WTRX 7 days price change
13 TRON (TRX) TRX TRON predictions 80.4% 35 $0.076534 1.77% 0.53% $6 903 793 375 TRX 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 79.2% 38 $94.27 -0.39% 8.09% $6 887 309 688 LTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 88.4% 8 $5.23 -0.18% 0.15% $6 226 557 990 DOT 7 days price change

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