Bitcoin
BTC$27 840.71

1.21%

Ethereum
ETH$1 767.58

1.19%

Tether
USDT$1.000675

-0.02%

Binance Coin
BNB$327.63

1.31%

USD Coin
USDC$0.999850

0%

XRP
XRP$0.448514

-2.25%

Bitcoin’s downtrend as a sign of market maturity


03 Dec 2021

#Bitcoin

Over the past 24 hours, cryptocurrency market capitalisation has fallen by 1.8% to $2.59 trillion, with bitcoin losing only 0.5% to $56.7K. On bitcoin’s daily charts, the RSI index remains in the lower half of the scale, at 45. The 50-day moving average is now at $60.7K and the 200-day at $48.2K, both moving horizontally. On balance, this means that Bitcoin is in a medium-term decline phase but is still on a long-term bull phase. 

Locally, a steady sequence of lower highs and lower lows has been forming in Bitcoin since 17 November. The intraday charts clearly show BTCUSD bouncing back from increasingly lower levels. And this is a serious reason to think about selling by the big players.

The cryptocurrency Fear and Greed Index lost one point, declined to 32. The market failed to pick up the pace of the recovery and use fear as a reason to buy because of the negative stock market dynamics. Players rushed to lock in some of the profits in those coins that had been rising ahead of the recent gains. As a result, ETHUSD lost 4% over 24 hours, Binance Coin -1.4% and Polkadot -5.6%.

BTCUSD Daily Chart

BTCUSD Daily Chart

Despite the latest downtick, the cryptocurrency market continues to distance itself from the situation in traditional financials without going into a deeper profit correction mode. The local downtrend in BTCUSD, if not accelerated in the coming days, promises to be a sign of a healthy maturation of the market without hurting it. Cryptocurrency investors are becoming more sophisticated, viewing the sector as a business rather than a capital-savings vehicle or casino, where a bet played can multiply an investment.


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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 67.2% 61 $27 840.71 1.21% -0.56% $538 129 695 575 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 45 $1 767.58 1.19% -2.66% $216 305 397 091 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000675 -0.02% -0.22% $79 075 659 998 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 55 $327.63 1.31% -3.17% $51 729 397 468 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.8% 2 $0.999850 0% -0.01% $33 908 036 023 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 83.2% 31 $0.448514 -2.25% 14.10% $22 852 174 189 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 60.4% 82 $0.083472 -7.12% -4.02% $14 474 941 650 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.6% 39 $0.355402 -0.43% 1.86% $12 343 469 988 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 78% 45 $1.096341 0.35% -8.87% $9 955 292 481 MATIC 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 74.4% 42 $0.074572 -0.20% -1.62% $9 893 472 420 DOGE 7 days price change
12 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $0.999729 -0.01% -0.10% $8 022 170 532 BUSD 7 days price change
13 Solana (SOL) SOL Solana predictions 76% 46 $20.85 0.67% -5.99% $8 004 990 448 SOL 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 75.6% 39 $6.03 0.57% -7.80% $7 053 783 531 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 70.8% 57 $93.16 0.89% 9.35% $6 760 087 916 LTC 7 days price change

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