Bitcoin
BTC$27 087.02

-0.27%

Ethereum
ETH$1 894.54

-0.31%

Tether
USDT$1.000266

0%

Binance Coin
BNB$306.22

-0.05%

USD Coin
USDC$0.999950

-0.01%

XRP
XRP$0.523003

0.07%

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 93.2% 9 $27 087.02 -0.27% -0.06% $525 275 860 361 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 90.4% 5 $1 894.54 -0.31% 2.56% $227 788 525 796 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000266 0% -0.02% $83 174 583 635 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92.8% 3 $306.22 -0.05% -0.74% $47 726 034 527 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $0.999950 -0.01% -0.02% $28 902 979 509 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 77.6% 45 $0.523003 0.07% 10.63% $27 189 376 584 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 94.8% 5 $0.379137 0.78% 2.17% $13 229 654 737 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 91.6% 10 $0.072900 0.75% 0.19% $10 178 444 950 DOGE 7 days price change
10 Solana (SOL) SOL Solana predictions 82% 26 $21.28 0.54% 4.16% $8 445 521 119 SOL 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 84.4% 24 $0.902754 0.60% -2.77% $8 377 081 385 MATIC 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 79.6% 41 $0.081565 -3.18% 5.43% $8 293 183 944 WTRX 7 days price change
13 TRON (TRX) TRX TRON predictions 75.6% 46 $0.081676 -3.05% 5.19% $7 366 637 548 TRX 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 79.6% 43 $95.13 0.59% 6.20% $6 951 023 390 LTC 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90.4% 7 $5.33 1.27% -0.64% $6 346 171 816 DOT 7 days price change

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