Bitcoin
BTC$17 068.95

1.50%

Ethereum
ETH$1 278.37

1.23%

Tether
USDT$1.000025

0.01%

Binance Coin
BNB$293.85

-1.52%

USD Coin
USDC$1.000107

0.01%

Binance USD
BUSD$1.000461

0%

Crypto: from extreme fear to extreme greed in one week


08 Oct 2021

#Bitcoin

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.

BTC/USD Daily Chart

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.


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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 65.2% 75 $17 068.95 1.50% 2.94% $328 093 649 109 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 67.6% 73 $1 278.37 1.23% 6.57% $156 439 268 664 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92% 1 $1.000025 0.01% 0.06% $65 364 325 174 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 64 $293.85 -1.52% -1.65% $47 007 631 475 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000107 0.01% -0.02% $43 258 083 171 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.000461 0% 0% $22 225 598 039 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 73.6% 57 $0.398567 -0.86% 4.33% $20 043 935 380 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 59.2% 87 $0.103187 -1.30% 26.67% $13 689 952 284 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 64.4% 74 $0.315840 0.76% 0.33% $10 879 640 850 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.4% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 73 $0.916794 5.83% 7.32% $8 007 570 648 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 66.4% 66 $5.37 -0.13% -0.41% $6 119 440 034 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 95.6% 1 $1.000127 0.05% -0.02% $5 658 986 064 DAI 7 days price change
14 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 70.4% 63 $0.054728 1.69% 5.13% $5 564 483 633 WTRX 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 62.8% 78 $76.95 -1.25% -0.43% $5 519 967 967 LTC 7 days price change

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