The crypto market is showing a moderate decline, which is quite natural after the rally in previous weeks. The total capitalization of the crypto market again exceeded the important psychological level of $2 trillion. The last time the crypto market was at this mark was in mid-May. Despite the beginning of correction pressure, the scale of the market pullback at the moment is still very small. Bitcoin’s dominance index continued to decline, falling to 43.6%, indicating the presence of broad demand for altcoins. It is likely that the retail sector continues to believe in the long-term potential of the market, preferring to “diversify” its investments beyond the already expensive top coins.
The Crypto Fear & Greed Index for Bitcoin and major cryptocurrencies has remained in “greed” territory since last week. In theory, the indicator in its current state should signal that a correction is coming, but in fact, we have seen many times that both the traditional market and the crypto sector can ignore reality for a long time and continue to grow. Nevertheless, it can’t go on like this forever.
The Bitcoin network’s hash rate has continued to rise and is currently at November 2020 level. This level is far from an all-time high but there is no doubt that as autumn approaches, more and more miners will launch their ASICs. The conventional wisdom is that as the hash rate grows, so does the price of the asset. However, it is not only the price that is increasing: at the background of the hash rate growth, miners are also faced with an increase in difficulty.
Of course, this business remains very profitable, and after China expelled miners from its territory, it turned into a very profitable one for a while.
In any case, the cost of Bitcoin mining is one of the few physical metrics that crypto market participants track as a fundamental price driver. In this direction, everything can point to a continued rise in price. In the case of new momentum, similar to Tesla’s investment in Bitcoin, the crypto market may get a boost, for now, it is at a crossroads. It is likely that the situation with stimulus from leading central banks, as well as the state of the world’s leading economies, will have a significant impact on the future of Bitcoin and the rest of the crypto market following it.
As recently as 3 years ago, correlation with the traditional market was strongly resented by holders of digital currencies. Now, when it was big investors who could prevent a wide correction of the crypto market, the attitude has changed but it should not be forgotten that institutional investors are still not crypto-enthusiasts.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 84.8% | 27 | $63 480.85 | -4.46% | 2.52% | $1 249 937 984 387 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 75.6% | 50 | $3 083.40 | -5.62% | 2.47% | $376 323 772 564 | ||
3 | USDT | Tether predictions | 90.8% | 1 | $0.999853 | -0.05% | -0.04% | $110 447 319 508 | ||
4 | BNB | Binance Coin predictions | 86.4% | 19 | $606.21 | -1.49% | 11.88% | $89 469 511 235 | ||
5 | SOL | Solana predictions | 66.8% | 71 | $144.03 | -8.69% | 8.42% | $64 385 467 242 | ||
6 | USDC | USD Coin predictions | 92% | 2 | $1.000016 | -0.03% | -0.01% | $33 435 738 236 | ||
7 | XRP | XRP predictions | 68.8% | 62 | $0.517060 | -5.24% | 5.36% | $28 505 089 564 | ||
8 | DOGE | Dogecoin predictions | 67.2% | 60 | $0.148176 | -8.30% | 1.14% | $21 341 651 927 | ||
9 | TON | Toncoin predictions | 70.4% | 66 | $5.18 | -10.79% | -16.26% | $17 978 466 098 | ||
10 | ADA | Cardano predictions | 63.2% | 72 | $0.464904 | -6.39% | 4.34% | $16 566 357 632 | ||
11 | SHIB | SHIBA INU predictions | 60.8% | 82 | $0.000025 | -9.25% | 12.25% | $14 496 564 298 | ||
12 | AVAX | Avalanche predictions | 67.6% | 68 | $34.88 | -10.70% | 1.13% | $13 186 189 228 | ||
13 | STETH | Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | TRX | TRON predictions | 86.4% | 21 | $0.114507 | 0.79% | 4.61% | $10 027 720 722 | ||
15 | WTRX | Wrapped TRON predictions | 88% | 19 | $0.114491 | 0.51% | 4.62% | $10 026 341 294 |
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