Bitcoin
BTC$67 037.54

0.19%

Ethereum
ETH$3 073.21

-1.34%

Tether
USDT$1.000117

-0.02%

Binance Coin
BNB$578.99

0.63%

Solana
SOL$170.32

-0.64%

USD Coin
USDC$0.999888

-0.01%

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 88.8% 18 $67 037.54 0.19% 9.58% $1 320 667 158 891 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 84.4% 20 $3 073.21 -1.34% 4.50% $369 166 805 153 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000117 -0.02% 0.05% $111 447 950 149 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92.4% 8 $578.99 0.63% -2.44% $85 450 657 172 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 76.8% 39 $170.32 -0.64% 17.17% $76 460 807 235 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $0.999888 -0.01% -0.02% $33 483 545 153 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 92% 8 $0.511252 -2.04% 1.56% $28 266 563 555 XRP 7 days price change
8 Toncoin (TON) TON Toncoin predictions 65.2% 66 $6.43 0.30% -8.00% $22 345 352 484 TON 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 81.6% 31 $0.150313 -1.09% 5.39% $21 698 406 592 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 85.2% 22 $0.467278 -3.30% 6.05% $16 672 529 568 ADA 7 days price change
11 SHIBA INU (SHIB) SHIB SHIBA INU predictions 76% 42 $0.000024 -2.35% 6.30% $14 113 851 001 SHIB 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 78.8% 38 $36.10 -2.82% 7.51% $13 818 367 367 AVAX 7 days price change
13 TRON (TRX) TRX TRON predictions 84% 27 $0.121053 -1.86% -4.74% $10 585 085 804 TRX 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 86% 25 $0.120849 -2.16% -4.59% $10 567 256 401 WTRX 7 days price change
15 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 86% 18 $66 739.98 -0.25% 8.48% $10 377 838 237 WBTC 7 days price change

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