Bitcoin
BTC$16 558.36

0.45%

Ethereum
ETH$1 217.17

0.70%

Tether
USDT$0.999575

0%

Binance Coin
BNB$311.33

-0.46%

USD Coin
USDC$1.000229

0.01%

Binance USD
BUSD$1.000555

0%

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 58.8% 88 $16 558.36 0.45% -0.06% $318 224 628 305 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 58.4% 86 $1 217.17 0.70% 3.57% $148 949 221 820 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 91.2% 1 $0.999575 0% 0.06% $65 334 885 845 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68% 66 $311.33 -0.46% 15.63% $49 804 216 236 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000229 0.01% 0% $44 217 403 592 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000555 0% 0% $22 413 981 060 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 63.2% 80 $0.401313 0.03% 7.06% $20 185 552 000 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 56.4% 92 $0.103231 13.91% 28.21% $13 695 751 843 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 58.8% 82 $0.318757 1.20% 0.22% $10 976 060 582 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 67.6% 65 $0.860762 1.38% 3.74% $7 518 166 942 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 67.6% 71 $5.41 1.01% -0.54% $6 163 068 674 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 94% 1 $1.000128 0.03% -0.03% $5 726 764 413 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66.4% 64 $76.50 0.74% 24.01% $5 485 689 704 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 58.4% 82 $0.053816 2.00% 5.89% $5 471 850 361 WTRX 7 days price change

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