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||93.2%||3||$26 578.13||1.46%||-1.21%||$515 523 852 307|
|2||ETH||Ethereum predictions||90.8%||1||$1 851.65||1.45%||-0.94%||$222 625 164 413|
|3||USDT||Tether predictions||91.2%||1||$1.000135||0.02%||0%||$83 312 701 560|
|4||BNB||Binance Coin predictions||90.4%||11||$263.30||1.73%||-13.80%||$41 036 442 955|
|5||USDC||USD Coin predictions||91.6%||1||$0.999980||0.01%||0.03%||$28 439 686 561|
|6||XRP||XRP predictions||70%||56||$0.525411||1.38%||3.20%||$27 314 551 970|
|7||ADA||Cardano predictions||92.4%||7||$0.323589||0.63%||-11.72%||$11 293 739 388|
|8||STETH||Lido stETH predictions||92%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|9||DOGE||Dogecoin predictions||90.4%||8||$0.067802||1.05%||-5.51%||$9 471 068 578|
|10||WTRX||Wrapped TRON predictions||71.2%||51||$0.077563||0.87%||3.14%||$7 886 264 204|
|11||SOL||Solana predictions||84.8%||16||$18.90||1.09%||-8.24%||$7 526 603 562|
|12||MATIC||Polygon predictions||89.2%||16||$0.780049||1.87%||-12.35%||$7 246 243 263|
|13||TRX||TRON predictions||74.8%||49||$0.077629||1.27%||3.65%||$6 997 511 849|
|14||LTC||Litecoin predictions||81.6%||38||$88.46||-0.35%||-6.33%||$6 466 841 922|
|15||DOT||Polkadot predictions||94%||6||$5.03||0.42%||-3.75%||$5 993 939 800|
Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.
© 2015-2023 Crypto-Rating.com
The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.