Bitcoin
BTC$51 064.80

0.19%

Ethereum
ETH$2 957.14

0.98%

Tether
USDT$0.999862

0.02%

Binance Coin
BNB$380.19

1.58%

Solana
SOL$102.39

1.01%

XRP
XRP$0.544264

1.88%

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 63.2% 79 $51 064.80 0.19% -1.23% $1 002 726 253 755 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.8% 74 $2 957.14 0.98% 6.25% $355 320 164 426 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999862 0.02% -0.05% $97 897 245 105 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64.4% 70 $380.19 1.58% 6.06% $56 855 097 069 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 75.6% 50 $102.39 1.01% -6.27% $45 160 504 971 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 88.4% 21 $0.544264 1.88% -1.86% $29 713 663 516 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000060 0.02% 0% $28 142 288 771 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 68.8% 70 $0.587507 1.25% -0.18% $20 839 053 273 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 56 $36.74 1.02% -7.67% $13 857 064 704 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 90% 13 $0.085290 2.43% 0.79% $12 213 970 927 DOGE 7 days price change
11 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 72% 61 $0.137543 -0.73% -0.53% $12 105 717 298 WTRX 7 days price change
12 TRON (TRX) TRX TRON predictions 69.6% 62 $0.137396 -1.07% -0.76% $12 092 837 888 TRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 69.2% 62 $18.34 2.51% -7.56% $10 765 572 543 LINK 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 94% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 76% 48 $7.75 5.97% 1.67% $9 941 667 784 DOT 7 days price change

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