Bitcoin
BTC$38 049.07

0.02%

Ethereum
ETH$2 092.71

2.58%

Tether
USDT$1.000142

0%

Binance Coin
BNB$229.06

0.07%

XRP
XRP$0.610783

0.30%

Solana
SOL$60.78

0.53%

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 91.6% 8 $38 049.07 0.02% 1.93% $744 145 379 651 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 84.4% 28 $2 092.71 2.58% 1.36% $251 622 486 305 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.6% 1 $1.000142 0% -0.01% $89 364 450 067 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 84.8% 26 $229.06 0.07% -2.46% $34 747 597 030 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 77.6% 34 $0.610783 0.30% -1.73% $32 914 217 020 XRP 7 days price change
6 Solana (SOL) SOL Solana predictions 61.6% 81 $60.78 0.53% 6.04% $25 777 804 384 SOL 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 96% 1 $0.999928 0% -0.01% $24 545 113 731 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78% 44 $0.379472 -0.47% -4.04% $13 398 412 920 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 78.8% 45 $0.083974 3.08% 8.82% $11 928 499 834 DOGE 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 TRON (TRX) TRX TRON predictions 85.6% 21 $0.103650 0.33% 1.48% $9 176 911 207 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 86% 24 $0.102253 -0.90% 0.14% $9 053 243 756 WTRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 82.4% 28 $2.42 -0.79% -0.78% $8 316 953 697 TON 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 56% 90 $22.32 4.25% 7.56% $8 148 348 255 AVAX 7 days price change
15 Chainlink (LINK) LINK Chainlink predictions 70.4% 55 $14.61 -0.07% 1.52% $8 132 814 301 LINK 7 days price change

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