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||72.4%||61||$41 312.94||-1.79%||-2.97%||$782 208 393 376|
|2||ETH||Ethereum predictions||65.6%||74||$3 057.90||-4.13%||-4.99%||$364 557 204 266|
|3||USDT||Tether predictions||92.8%||1||$1.000957||0.03%||0.07%||$78 389 539 616|
|4||BNB||Binance Coin predictions||71.6%||61||$454.95||-4.03%||-0.74%||$75 119 228 033|
|5||ADA||Cardano predictions||71.2%||51||$1.37||-11.53%||13.83%||$45 869 836 376|
|6||USDC||USD Coin predictions||90.8%||1||$0.999548||-0.04%||-0.05%||$45 742 193 035|
|7||SOL||Solana predictions||62.8%||81||$134.45||-3.98%||-3.06%||$42 237 959 711|
|8||XRP||XRP predictions||66.8%||64||$0.728701||-3.80%||-4.17%||$34 732 162 139|
|9||LUNA||Terra predictions||69.6%||57||$76.09||-1.12%||0.67%||$27 219 693 512|
|10||DOT||Polkadot predictions||72%||51||$23.84||-5.97%||-7.36%||$23 544 579 275|
|11||DOGE||Dogecoin predictions||77.6%||46||$0.160728||-5.76%||5.59%||$21 323 857 260|
|12||AVAX||Avalanche predictions||62.4%||79||$81.61||-6.07%||-9.81%||$19 942 092 907|
|13||SHIB||SHIBA INU predictions||68.8%||63||$0.000027||-4.93%||-3.67%||$15 025 615 032|
|14||MATIC||Polygon predictions||69.2%||59||$2.02||-8.18%||-12.60%||$14 789 690 265|
|15||BUSD||Binance USD predictions||96%||1||$0.999731||-0.10%||-0.13%||$14 211 573 940|
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