Bitcoin
BTC$26 909.29

-0.86%

Ethereum
ETH$1 860.75

-0.46%

Tether
USDT$1.000420

0.02%

Binance Coin
BNB$304.46

-0.81%

USD Coin
USDC$1.000252

0.04%

XRP
XRP$0.504162

0.03%

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 90.8% 10 $26 909.29 -0.86% 2.64% $521 762 781 363 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 94% 5 $1 860.75 -0.46% 4.26% $223 747 212 959 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000420 0.02% 0.05% $83 257 322 855 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 91.2% 1 $304.46 -0.81% -0.21% $47 452 043 680 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000252 0.04% 0.02% $28 886 516 964 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 82% 37 $0.504162 0.03% 12.53% $26 208 072 378 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 87.6% 10 $0.363100 -3.09% 1.49% $12 666 261 005 ADA 7 days price change
8 Lido stETH (STETH) STETH Lido stETH predictions 92.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 86.8% 17 $0.071627 0.22% 1.85% $9 998 019 293 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 80.4% 35 $0.892154 0.39% 1.50% $8 278 715 292 MATIC 7 days price change
11 Solana (SOL) SOL Solana predictions 84.8% 29 $20.65 -0.37% 7.13% $8 189 640 134 SOL 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 78.8% 37 $0.074779 -0.81% -3.05% $7 603 269 311 WTRX 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 78.4% 37 $92.96 3.94% 10.15% $6 790 470 965 LTC 7 days price change
14 TRON (TRX) TRX TRON predictions 79.6% 35 $0.074543 -1.38% -3.19% $6 725 556 753 TRX 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 92% 10 $5.23 -1.79% -0.56% $6 222 851 370 DOT 7 days price change

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