Bitcoin
BTC$27 827.13

1.19%

Ethereum
ETH$1 767.63

1.39%

Tether
USDT$1.000701

-0.02%

Binance Coin
BNB$327.72

1.73%

USD Coin
USDC$0.999827

0%

XRP
XRP$0.446577

-3.04%

Bitcoin’s short-term upward channel


17 May 2022

#Bitcoin

On Monday, Bitcoin was down 3.6%, ending the day around $29.9, but is trading back above $30K on Tuesday morning. Ethereum has little changed over the past 24 hours (-0.4%), remaining near $2000. Other altcoins from the top 10 changed in price from -2.7% (Polkadot) to 1.2% (Solana). Total crypto market capitalisation, according to CoinMarketCap, rose 0.1% overnight to $1.30 trillion. Bitcoin’s dominance index fell 0.1 points to 44.3%.

The Cryptocurrency Fear and Greed Index was down 6 points to 8 by Tuesday, hitting its lowest level since August 2019. Technically, the crypto market on Monday followed the cautious sentiment of the stock market. We note that after hitting lows on May 12th, a short-term upward channel is forming in BTCUSD with increasingly higher local lows and local highs. Such dynamics of the flagship crypto resemble the work of traders of institutional managers, who moderately “buy the fear” or fix the profit from the short positions.

So far, there is little reason to argue that a prolonged rise will follow the current buying, as the fundamentals (tightening markets, slowing economy) remain in place. According to CryptoQuant, institutional investors continue to buy BTC through market makers despite the decline in the crypto market.

Bitcoin’s short-term upward channel

Sam Bankman-Fried, CEO of cryptocurrency exchange FTX, believes bitcoin has no future as a payment network because of its low scalability and negative impact on the environment. There is a need for an alternative blockchain-based Proof-of-Stake (PoS) protocol for payments. IMF managing director Kristalina Georgieva called for a new public infrastructure for payment systems, including digital currencies.

Do Kwon, founder of the Terra ecosystem, presented a new plan to rehabilitate the project. On May 18th, the developer intends to present Terraform Labs team with a new management system for the Terra fork, decoupling it from the TerraUSD (UST) stable coin.


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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 $27 827.13 1.19% -1.41% $537 868 680 168 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.2% 45 $1 767.63 1.39% -2.96% $216 311 335 394 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $1.000701 -0.02% -0.23% $79 077 698 544 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 55 $327.72 1.73% -3.47% $51 743 768 515 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.8% 2 $0.999827 0% -0.02% $33 886 286 193 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 83.2% 31 $0.446577 -3.04% 13.10% $22 753 511 437 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 60.4% 82 $0.084139 -6.16% -3.23% $14 590 702 808 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.6% 39 $0.355862 0.71% 1.72% $12 359 438 439 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 $1.095244 0.67% -9.12% $9 945 329 040 MATIC 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 74.4% 42 $0.074422 0.07% -2.38% $9 873 616 140 DOGE 7 days price change
12 Solana (SOL) SOL Solana predictions 76% 46 $20.94 1.78% -5.87% $8 037 086 883 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $0.999684 -0.01% -0.10% $8 021 813 679 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 75.6% 39 $6.02 1.08% -8.38% $7 046 355 080 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 70.8% 57 $93.32 1.91% 8.83% $6 772 424 245 LTC 7 days price change

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