Bitcoin
BTC$48 023.28

-0.71%

Ethereum
ETH$3 563.80

-1.89%

Cardano
ADA$2.42

-2.23%

Binance Coin
BNB$421.22

-2.55%

Tether
USDT$1.000499

0.02%

XRP
XRP$1.093567

-2.51%

Crypto investors looking for new stars besides bitcoin


18 Aug 2021   #Bitcoin

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.

Bitcoin Daily Chart

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.

Bitcoin Dominance

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.

Cryptomarket Cap ex BTC

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.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 24 $48 023.28 -0.71% 3.44% $903 705 648 774 $30 868 405 829
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 52 $3 563.80 -1.89% 4.12% $418 950 530 113 $18 493 669 977
3 Cardano (ADA) ADA Cardano predictions 66% 64 $2.42 -2.23% -3.43% $77 683 489 177 $3 095 901 217
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 70 $421.22 -2.55% -0.83% $70 821 892 729 $1 657 577 581
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000499 0.02% 0.05% $68 288 037 795 $74 172 515 331
6 XRP (XRP) XRP XRP predictions 71.2% 56 $1.093567 -2.51% -3.05% $50 984 520 461 $3 018 193 479
7 Solana (SOL) SOL Solana predictions 57.2% 89 $146.88 -7.34% -21.00% $43 597 219 268 $3 263 512 936
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 83 $36.36 1.92% 15.42% $35 909 826 746 $2 318 625 572
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.254974 3.69% 0.76% $33 480 789 211 $1 873 594 606
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000186 0.02% 0.01% $29 230 519 112 $2 845 039 489
11 UniSwap (UNI) UNI UniSwap predictions 68.8% 56 $25.82 -4.67% 9.72% $15 791 177 382 $595 594 004
12 Terra (LUNA) LUNA Terra predictions 68% 67 $36.20 -0.80% 12.70% $14 549 248 511 $1 555 371 086
13 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 69 $64.76 6.83% 48.17% $14 265 392 957 $2 603 032 868
14 Chainlink (LINK) LINK Chainlink predictions 74% 56 $29.85 -5.29% 4.13% $13 491 251 604 $1 523 058 445
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000197 0.01% 0.02% $12 747 342 580 $6 385 206 639

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