Bitcoin
BTC$29 862.92

-4.61%

Ethereum
ETH$2 023.66

-5.68%

Tether
USDT$0.998796

-0.03%

USD Coin
USDC$1.000660

0.04%

Binance Coin
BNB$298.01

-4.49%

XRP
XRP$0.422499

-5.56%

Crypto market cap falls by $113B as Bitcoin price tumbles to $28,750


22 Jan 2021

#Bitcoin

After a day of intensifying sell pressure, Bitcoin price dropped below $29,000 for the first time since January 5. On Jan. 21 the cryptocurrency market experienced an increased wave of selling pressure and within the last hour Bitcoin (BTC) price dropped below the $30,000 mark for the first time since Jan. 4. 

Now that Bitcoin has lost the $32,000 and $30,000 support, a growing number of analysts are suggesting that the price could retest the $24,000 support. One theory behind the dip suggests that institutional investors viewed Bitcoin as a crowded trade and decided to take profits.

As reported by Cointelegraph, Scott Minerd, the Guggenheim’s chief investment officer, recently suggested that the price of Bitcoin has “likely put in a top” for 2021 and could see a “retracement back toward the 20,000 level.”

JPMorgan strategists John Normand and Federico Manicardi also warned that investors using BTC “as a portfolio diversifier are putting themselves at risk” as Bitcoin is more of a cyclical asset than a hedge.

This note of caution seems to have been well timed given today’s show of volatility. Although sell-offs can be painful for investors who are overleverged, taking a closer look at some of the social activity that occurred during the downside move hints that the current volatility might not be a macro trend change.

In private comments with Cointelegraph, TheTIE analyst Erik Saberski noted that during previous dips in Bitcoin price “its market cap dominance did not really change.” Saberski said: “This implies that earlier in the month, sell-offs were cashing out entirely, while recent BTC sell-offs are moving more into other cryptos. Looking at daily sentiment, the same recent drops *usually* have corresponding drops in sentiment. We aren't seeing that right now though.”

Stimulus hopes keep stocks near all-time highs


The traditional markets continue to be boosted by the prospect of a wide-ranging stimulus package from the Biden administration. The S&P 500 and NASDAQ both etched new all-time highs on Jan. 21 and closed up by 0.03% and 0.82% respectively. The Dow also closed the day with a 0.04% gain.

Out of the top-100 coins, the only project with notable gains was CELO, which gained $48.87% and trades at $3.37. Ether (ETH) corrected by 21.28% and Polkadot lost 8%. The overall cryptocurrency market cap now stands at $871 billion and Bitcoin’s dominance rate is 64.3%.

Source

 


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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 66.4% 75 $29 862.92 -4.61% -1.43% $568 643 328 349 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 60.8% 77 $2 023.66 -5.68% -10.04% $244 470 579 811 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.8% 1 $0.998796 -0.03% -0.12% $75 660 930 298 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000660 0.04% 0.11% $52 009 913 428 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 66.8% 71 $298.01 -4.49% -0.72% $48 657 409 926 BNB 7 days price change
6 XRP (XRP) XRP XRP predictions 68.4% 70 $0.422499 -5.56% -14.29% $20 424 915 692 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 65.6% 68 $0.556880 -6.81% -9.00% $18 833 840 942 ADA 7 days price change
8 Solana (SOL) SOL Solana predictions 61.2% 80 $53.68 -8.81% -15.43% $18 096 700 330 SOL 7 days price change
9 Binance USD (BUSD) BUSD Binance USD predictions 95.6% 1 $0.999564 -0.09% -0.13% $17 990 219 912 BUSD 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64.8% 76 $0.087841 -5.39% -16.20% $11 653 943 120 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 63.2% 77 $10.62 -9.93% -1.32% $10 492 669 466 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 64.8% 79 $32.61 -10.79% -22.54% $8 775 405 549 AVAX 7 days price change
13 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 61.6% 75 $29 851.71 -4.50% -1.83% $8 478 001 887 WBTC 7 days price change
14 TRON (TRX) TRX TRON predictions 72.4% 61 $0.069116 -4.48% -5.81% $6 757 528 478 TRX 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64% 78 $0.000012 -7.95% -16.96% $6 586 200 152 SHIB 7 days price change

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