Bitcoin
BTC$56 409.75

0.06%

Ethereum
ETH$4 502.38

0.10%

Binance Coin
BNB$613.96

0.16%

Tether
USDT$1.001459

0.11%

Solana
SOL$230.69

2.82%

Cardano
ADA$1.68

9.42%

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 70.8% 54 $56 409.75 0.06% -2.61% $1 065 549 908 073 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.8% 32 $4 502.38 0.10% 1.67% $533 908 042 006 ETH 7 days price change
3 Binance Coin (BNB) BNB Binance Coin predictions 82% 34 $613.96 0.16% -1.92% $102 409 523 073 BNB 7 days price change
4 Tether (USDT) USDT Tether predictions 90.8% 1 $1.001459 0.11% 0.10% $74 211 260 312 USDT 7 days price change
5 Solana (SOL) SOL Solana predictions 73.2% 59 $230.69 2.82% 12.10% $70 507 890 122 SOL 7 days price change
6 Cardano (ADA) ADA Cardano predictions 64.8% 75 $1.68 9.42% 2.11% $56 038 092 489 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 64.8% 71 $0.970535 0.13% -6.02% $45 855 154 609 XRP 7 days price change
8 USD Coin (USDC) USDC USD Coin predictions 94% 2 $1.001277 0.27% 0.17% $39 103 668 339 USDC 7 days price change
9 Polkadot (DOT) DOT Polkadot predictions 65.2% 77 $35.59 1.24% -7.80% $35 145 425 116 DOT 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 59.2% 80 $0.207628 1.70% -4.69% $27 481 399 440 DOGE 7 days price change
11 Terra (LUNA) LUNA Terra predictions 67.6% 68 $66.93 5.65% 52.44% $25 971 315 011 LUNA 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 62% 75 $106.73 -8.36% -7.72% $23 904 356 191 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.2% 78 $0.000041 -1.75% 1.32% $22 616 002 259 SHIB 7 days price change
14 Crypto.com Chain (CRO) CRO Crypto.com Chain predictions 60% 89 $0.688991 -2.59% -6.99% $17 405 985 331 CRO 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 71.6% 63 $2.11 0.94% 13.42% $14 799 705 460 MATIC 7 days price change

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