Bitcoin has passed the major psychological and technical level of $50K and continues to grow. In the last 24 hours alone, BTC has shown a growth of 6% and is trading around $55K. Over the week, Bitcoin spiked by 26%. Another psychological milestone is that Bitcoin’s capitalisation has overcome $1 trillion. Of course, this figure has a symbolic value, but for many retail investors, it is important to see the ability of the asset to overcome the psychological resistance. The total capitalisation of the crypto market now is almost $2.3 trillion. In this case, we also see a confident overcoming of the round value and continuing growth. At this stage of the Bitcoin rally, alternative cryptocurrencies are showing less significant positive dynamics. However, altcoins will likely catch up with the first cryptocurrency given some time. Demand for alternative cryptocurrencies often increases shortly after Bitcoin’s rise has stopped. The more expensive Bitcoin is, the more psychologically comfortable altcoins become for purchase, especially for retail investors.
So far, Bitcoin’s dominance index has increased to 44.5%. The Crypto Fear & Greed Index has jumped 56 points since last week to 76 and is in “extreme greed” mode, fully reflecting the sentiment in this market. The community has growing fears that the $55K-$60K range could slam the door on bulls and investors who have already been buying Bitcoin at the top of the rally. Should such a scenario materialise, we could see a sharp reversal as large investors who entered the market at the $30K-$40K range will take profits.
Among the main reasons often highlighted is the statement by SEC head Gary Gensler that his agency does not intend to ban cryptocurrencies. In addition, Soros Fund Management has confirmed its investment in Bitcoin. It seems that at this stage, such statements are enough to launch a rally. It also cannot be ruled out that the current price surge may be the result of manipulation.
After Bitcoin reached its all-time high, many crypto market participants predicted a possible reversal into a broad correction. However, the bears’ attacks were repelled time after time by those willing to buy the dip of Bitcoin. As a result, it became clear that the broad growth impulse is not exhausted, and there may be another stage of the rally, which will bring the asset, if not above the historical maximum, then close to it.
In the medium term, it will become clear how fundamentally sustainable the current stage of the rally is. No matter how bright the current price dynamics may seem, there is a probability that Bitcoin is now going through an essential phase of the crossroads, and there is no certainty that the reached price levels can be maintained.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||75.2%||48||$28 279.47||0.07%||13.63%||$546 494 314 501|
|2||ETH||Ethereum predictions||83.6%||31||$1 799.37||-0.44%||7.08%||$220 196 375 480|
|3||USDT||Tether predictions||94.4%||1||$1.001852||0.03%||-0.30%||$77 579 753 841|
|4||BNB||Binance Coin predictions||78%||46||$326.48||-3.19%||5.28%||$51 548 167 677|
|5||USDC||USD Coin predictions||94.4%||2||$0.999094||0.05%||-0.02%||$35 208 468 704|
|6||XRP||XRP predictions||86.8%||15||$0.442825||11.63%||20.07%||$22 562 333 716|
|7||HEX||HEX predictions||63.6%||81||$0.105163||5.10%||28.30%||$18 236 394 788|
|8||ADA||Cardano predictions||76.4%||51||$0.371643||7.97%||10.64%||$12 903 136 163|
|9||STETH||Lido stETH predictions||96%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|10||MATIC||Polygon predictions||76.4%||48||$1.15||-0.34%||-2.20%||$10 039 890 799|
|11||DOGE||Dogecoin predictions||71.6%||55||$0.075145||1.86%||2.48%||$9 969 588 590|
|12||SOL||Solana predictions||73.2%||56||$22.53||-1.79%||9.39%||$8 642 061 823|
|13||BUSD||Binance USD predictions||93.2%||1||$1.000025||0.01%||-0.03%||$8 119 883 434|
|14||DOT||Polkadot predictions||75.6%||50||$6.29||0.46%||1.61%||$7 344 673 141|
|15||WTRX||Wrapped TRON predictions||84.8%||22||$0.067252||3.83%||1.45%||$6 837 900 813|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.