Bitcoin
BTC$27 039.83

2.05%

Ethereum
ETH$1 673.68

2.76%

Tether
USDT$0.999935

0.08%

Binance Coin
BNB$216.15

1.27%

XRP
XRP$0.510677

1.70%

USD Coin
USDC$1.000031

-0.01%

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 95.6% 2 $27 039.83 2.05% 1.68% $527 252 460 832 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 93.6% 5 $1 673.68 2.76% 5.04% $201 236 607 315 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999935 0.08% 0.01% $83 271 159 494 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 94.4% 4 $216.15 1.27% 2.52% $33 253 779 336 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 92% 9 $0.510677 1.70% 0.44% $27 225 409 135 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000031 -0.01% 0.01% $25 532 133 625 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 85.2% 24 $0.088292 4.10% 5.99% $8 977 186 451 WTRX 7 days price change
9 Cardano (ADA) ADA Cardano predictions 91.6% 6 $0.251514 1.88% 2.61% $8 835 312 768 ADA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 90% 4 $0.061731 1.06% 0.25% $8 716 622 382 DOGE 7 days price change
11 Solana (SOL) SOL Solana predictions 84.8% 20 $20.15 4.81% 2.65% $8 320 025 559 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 84% 22 $0.088863 4.54% 6.44% $7 915 896 490 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 60.4% 84 $2.23 1.65% -2.84% $7 660 748 928 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 95.2% 1 $0.999533 -0.04% 0.01% $5 345 391 790 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 90% 7 $4.09 1.18% 1.62% $5 023 915 784 DOT 7 days price change

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