Bitcoin
BTC$29 061.38

-3.12%

Ethereum
ETH$1 945.79

-4.82%

Tether
USDT$0.998827

-0.02%

USD Coin
USDC$1.000289

0.01%

Binance Coin
BNB$295.81

-1.43%

XRP
XRP$0.402156

-6.01%

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 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 59.6% 82 $29 061.38 -3.12% 8.51% $553 437 248 437 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.4% 82 $1 945.79 -4.82% 7.60% $235 121 509 369 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.998827 -0.02% 1.30% $74 126 138 317 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $1.000289 0.01% -0.07% $52 357 980 078 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58.4% 83 $295.81 -1.43% 29.99% $48 299 672 655 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 68% 71 $0.402156 -6.01% 13.86% $19 441 465 904 XRP 7 days price change
7 Binance USD (BUSD) BUSD Binance USD predictions 92.4% 1 $1.001637 0.15% -0.51% $18 442 645 566 BUSD 7 days price change
8 Cardano (ADA) ADA Cardano predictions 60% 79 $0.507175 -10.38% 24.64% $17 118 441 820 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 59.2% 84 $50.46 -9.61% 21.41% $17 028 947 492 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 58.4% 87 $0.084029 -5.92% 15.94% $11 148 185 698 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 65.2% 78 $9.56 -9.71% 24.98% $9 442 068 849 DOT 7 days price change
12 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 63.6% 82 $29 050.66 -2.98% 8.69% $8 132 816 754 WBTC 7 days price change
13 Avalanche (AVAX) AVAX Avalanche predictions 61.2% 82 $28.87 -14.48% 10.65% $7 769 271 253 AVAX 7 days price change
14 TRON (TRX) TRX TRON predictions 69.2% 55 $0.071382 -0.71% -2.34% $6 964 115 705 TRX 7 days price change
15 Dai (DAI) DAI Dai predictions 91.2% 1 $1.000090 0% 0.05% $6 501 036 897 DAI 7 days price change

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