Bitcoin
BTC$23 396.59

-0.27%

Ethereum
ETH$1 657.83

1.20%

Tether
USDT$1.000118

0%

Binance Coin
BNB$330.60

3.36%

USD Coin
USDC$1.000017

0%

XRP
XRP$0.409253

0.39%

Blockchain projects are pulling the crypto market up


18 Jul 2022

#Bitcoin

Bitcoin formally closed last week lower, ending it near $21,100. At the time of writing, the upside momentum has built up, taking the price to 21,800, the upper end of last month's consolidation range. Ethereum jumped 14.1% last week and is adding another 6.7% since the start of the day on Monday, rising to $1430. Finding itself one step ahead of BTC this time, ETH broke the upper bound of last month's trading range on Friday. The second cryptocurrency's steady rise underscores the heightened demand for risk among crypto enthusiasts.

Leading altcoins have gained in the last 24 hours, ranging from 1.8% (Dogecoin) to 16% (Polygon). The total capitalisation of the crypto market, according to CoinMarketCap, rose 9.5% over the week to $998bn. Bitcoin's dominance index fell by 1.1 percentage points to 41.7% over the same period.

The Crypto Fear-and-Greed Index was unchanged for the week, returning after falling to 24 points (extreme fear). By Monday, the index was down to 20, but recent market dynamics suggest the market is set to leave "extreme fear" territory.

Blockchain projects are pulling the crypto market up

Bitcoin rebounded in the second half of the week from all its early declines. BTC has been consolidating below its 200-week moving average for almost a month, now running around $22,550. The first cryptocurrency cannot yet move significantly away from the $20,000 level (the high of the previous cycle). Optimists can look for a sequence of higher local lows over the past four weeks. Ethereum showed notable gains after ETH developers approved the blockchain migration to PoS for September 19, 2022. Ethereum broke above its 200-week average late last week, which could spur early buyers to trade on technical signals.

And we also draw attention to increased investor interest in blockchain networks, as seen in the outperformance of Ethereum, Solana, Polygon, and Avalanche during the past week. In parallel, the NFT market continues to fade. This can be described as investors betting on long-term projects instead of collecting short-term speculation.

Bloomberg draws attention to the weakening correlation between bitcoin and US stock indices, which has fallen to its lowest levels since January. If BTC's dependence on the stock market weakens in the coming weeks, the expert community will discuss bitcoin as "digital gold" again.

ETH developers approved the blockchain migration to PoS

According to CryptoCompare, cryptocurrency spot trading volume fell to its lowest since June 2020. Fairlead Strategies estimates that the bearish phase of the market could drag on for several more months. The UN has recommended that developing countries ban cryptocurrency advertising and require all cryptocurrency wallets and exchanges to register with regulators.


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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 64% 76 $23 396.59 -0.27% 1.23% $451 107 099 851 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 64 $1 657.83 1.20% 3.76% $202 875 422 612 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.000118 0% -0.01% $68 036 636 818 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 81.2% 39 $330.60 3.36% 7.50% $52 201 447 647 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.2% 1 $1.000017 0% 0.01% $41 963 522 546 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 76.4% 51 $0.409253 0.39% -0.52% $20 789 661 448 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000189 0.04% 0.02% $16 275 345 911 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 69.2% 69 $0.401320 0.57% 2.97% $13 885 724 489 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 48 $0.093563 3.08% 6.89% $12 413 030 793 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 68% 64 $1.23 4.16% 7.23% $10 735 757 319 MATIC 7 days price change
11 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
12 Solana (SOL) SOL Solana predictions 61.6% 88 $24.53 1.61% 0.31% $9 140 950 218 SOL 7 days price change
13 Polkadot (DOT) DOT Polkadot predictions 64% 74 $6.90 5.36% 4.77% $7 960 238 223 DOT 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64% 79 $0.000014 17.92% 21.32% $7 857 412 436 SHIB 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 76.8% 38 $99.43 0.66% 12.27% $7 179 111 477 LTC 7 days price change

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