Bitcoin
BTC$23 133.58

1.42%

Ethereum
ETH$1 599.61

1.91%

Tether
USDT$1.000200

0%

Binance Coin
BNB$308.24

1.67%

USD Coin
USDC$1.000019

0.01%

XRP
XRP$0.411013

1.13%

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 59.6% 88 $23 133.58 1.42% 2.54% $445 891 712 056 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.8% 85 $1 599.61 1.91% -3.05% $195 750 597 878 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $1.000200 0% -0.01% $67 517 933 738 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 72 $308.24 1.67% 1.96% $48 671 544 877 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $1.000019 0.01% 0% $43 082 295 663 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 62.4% 74 $0.411013 1.13% 0.32% $20 880 931 213 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999820 -0.03% 0% $15 795 578 015 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 60% 79 $0.388458 4.39% 7.93% $13 434 775 806 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 64% 75 $0.087652 3.23% 1.90% $11 628 821 575 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 78 $1.15 6.09% 12.97% $10 037 291 413 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 56% 90 $24.52 3.04% -1.34% $9 108 971 332 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 60.8% 87 $6.59 3.20% 5.92% $7 587 320 916 DOT 7 days price change
14 Avalanche (AVAX) AVAX Avalanche predictions 60% 92 $20.97 17.46% 21.07% $6 601 353 493 AVAX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 62.4% 84 $0.000012 2.99% -2.16% $6 480 328 787 SHIB 7 days price change

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