Bitcoin
BTC$20 080.91

4.60%

Ethereum
ETH$1 352.25

3.96%

Tether
USDT$1.000199

0.01%

Binance Coin
BNB$295.18

3.35%

USD Coin
USDC$1.000129

0.02%

XRP
XRP$0.479325

6.89%

Bitcoin's bullish stability


08 Aug 2022

#Bitcoin

Bitcoin has been down 1.2% over the past seven days, trading at $23,600. These are tiny moves by crypto market standards. Indeed, the first cryptocurrency has been dealing with little amplitude over the past week. Ethereum has added the same amount of 2.6% to $1720 in the last 24 hours and seven days. The top altcoins' 7-days performance ranges from -0.11% (Solana) to +19% (Avalanche).

The total capitalisation of the crypto market, according to CoinMarketCap, rose 2.5% for the week to $1.1 trillion. The Bitcoin Dominance Index slipped 0.6 percentage points to 40.4% over the same period. The Cryptocurrency Fear and Greed Index fell 3 points for the week to 30 and remains in a state of "fear".

Last week Bitcoin made its fourth reversal from decline to rise within a moderately rising range. Investors were probably inspired by the positive dynamics of the stock markets amid recovering risk demand there. Buying forces reversed the trend even before the price reached the lower boundary of the corridor and the 50-day average.

Bitcoin's bullish stability

The 200-week moving average, in this case, acted as a support line, which we see as a confirmation that the downtrend in cryptocurrencies is over. However, it is worth remembering that a rally rarely follows this. Typically, the market goes through a long period of uncertain and vulnerable growth. Only global events like halving or extreme liquidity injections from central banks or governments into the financial system can kick-start a rally.

The 200-week moving average, in this case, acted as a support line

Background

That said, Americans are investing in cryptocurrencies despite the market downturn. According to The Balance's financial website, 39% of US investors have become more invested in cryptocurrencies. American investor and Shark Tank star Kevin O'Leary said he had bought high market capitalisation cryptocurrencies such as Bitcoin and Ethereum despite the slump in his investment portfolio.

According to a Cumberland survey of institutional investors, most respondents expect bitcoin to rise to $32K as soon as this year. Before that, however, BTC could fall to $16K.

Tesla CEO Elon Musk again spoke out in support of Dogecoin. According to him, the "dogecoin" cryptocurrency network can handle significantly more transactions than the bitcoin network. CME Group, one of the world's leading derivatives players, will launch BTC and ETH futures in euros.


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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 87.6% 20 $20 080.91 4.60% -0.63% $384 928 648 027 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.6% 82 $1 352.25 3.96% -2.63% $165 850 909 431 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000199 0.01% 0.02% $67 962 965 910 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.8% 15 $295.18 3.35% 4.10% $47 622 811 891 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 94.4% 1 $1.000129 0.02% 0.01% $47 041 969 452 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 61.6% 86 $0.479325 6.89% 0.21% $23 918 656 745 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000158 -0.04% 0.02% $21 045 557 649 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 74.8% 46 $0.432877 2.56% -5.26% $14 827 377 490 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 85.6% 22 $34.02 4.22% -2.80% $12 079 424 303 SOL 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 92.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 90.4% 14 $0.060856 1.66% -2.64% $8 073 831 543 DOGE 7 days price change
12 Polygon (MATIC) MATIC Polygon predictions 67.2% 61 $0.835389 7.92% 6.54% $7 296 551 325 MATIC 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 65.2% 68 $6.47 3.14% -3.80% $7 264 526 660 DOT 7 days price change
14 Dai (DAI) DAI Dai predictions 91.6% 1 $0.999987 0.06% 0.03% $6 786 797 042 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 93.2% 5 $0.061484 0.80% 1.33% $6 251 497 842 WTRX 7 days price change

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