Bitcoin
BTC$39 040.88

-7.22%

Ethereum
ETH$2 879.38

-8.41%

Tether
USDT$1.000246

-0.01%

Binance Coin
BNB$430.41

-8.67%

USD Coin
USDC$1.000181

-0.07%

Cardano
ADA$1.23

-8.92%

Bitcoin steady around $47,000 as Solana outperforms


30 Aug 2021

#Bitcoin

The price of Bitcoin steadied around $47,000 on Friday after selling pressure on Thursday took the world’s largest cryptocurrency to its lowest level since 19th August. The total market cap of all cryptocurrencies is currently back above $2 trillion after briefly dropping below the figure overnight. The majority of the top 10 cryptocurrencies were trading in the red or marginally higher but the new tenth largest cryptocurrency was outperforming.

Solana, which moved into the top 10 cryptocurrencies by market cap, was notably outperforming, trading higher by around 8% in the last 24 hours. There was no immediate fundamental reason for Solana’s recent outperformance but yesterday Pyth Network went live on the Solana blockchain.

The launch on the Solana mainnet will allow developers to integrate Pyth Network’s real time market data into decentralised finance applications. Contributors on the project include Virtu Financial (NASDAQ:VIRT) and Chicago Trading Company.

Bitcoin Technical View

Bitcoin is trading just above the $47,000 handle. The $46,800-47,000 area continues to act as support, with $46,800 representing the 50% Fib of the April all-time high to the July low. A break below that level could open the door to the 200-day moving average around $46,000.

“A move below $46,000 could signal a broader correction in Bitcoin, with $44,000 being the next big test below,” writes OANDA Senior Market Analyst Craig Erlam. “A move back towards $40,000-41,000 would be very interesting, although there's some way to go first.”

If Bitcoin were to stem the tide and move higher, the $48,000 level could act as resistance, given it was the high from both the 14th and 16th of August. A move above there opens the way to the psychological $50,000 level. $51,000 could then act as key resistance again, given it is the 61.8% Fib level from the April high to July low. The level acted as resistance in the latest push higher when Bitcoin hit a cycle high on 23rd August.


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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 68.8% 62 $39 040.88 -7.22% -8.43% $739 272 698 192 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 78 $2 879.38 -8.41% -11.89% $343 362 353 655 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000246 -0.01% -0.01% $78 293 819 854 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70% 56 $430.41 -8.67% -10.53% $71 067 234 301 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000181 -0.07% 0.06% $42 323 176 462 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 77.2% 49 $1.23 -8.92% -3.24% $41 335 207 166 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 60.4% 87 $123.76 -9.49% -15.76% $38 925 443 034 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 67.6% 59 $0.693543 -6.81% -11.08% $33 056 440 033 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 71.6% 58 $77.96 -5.52% -1.68% $27 793 156 881 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 75.6% 48 $22.57 -8.15% -15.86% $22 288 386 456 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 73.6% 50 $0.153937 -6.61% -21.88% $20 422 994 619 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 62.8% 77 $76.66 -9.52% -14.89% $18 732 789 600 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000826 0.14% 0.07% $14 330 648 641 BUSD 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 70% 64 $1.91 -7.86% -15.40% $14 245 685 054 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 68.8% 68 $0.000026 -7.36% -17.83% $14 156 578 796 SHIB 7 days price change

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