Bitcoin
BTC$68 622.46

1.24%

Ethereum
ETH$3 765.75

-0.28%

Tether
USDT$0.999559

0.04%

Binance Coin
BNB$596.61

-0.17%

Solana
SOL$168.10

-0.68%

USD Coin
USDC$1.000023

0.01%

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 73.2% 50 $68 622.46 1.24% 0.74% $1 352 244 970 263 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.8% 83 $3 765.75 -0.28% 0.15% $452 415 883 627 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 90.8% 1 $0.999559 0.04% 0.01% $111 914 379 929 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92.8% 6 $596.61 -0.17% 0.68% $88 050 989 954 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 62.8% 76 $168.10 -0.68% -1.47% $77 263 137 184 SOL 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000023 0.01% 0.01% $32 197 734 673 USDC 7 days price change
7 XRP (XRP) XRP XRP predictions 90% 6 $0.523086 -1.19% -0.39% $28 994 915 330 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 74% 57 $0.161771 -1.91% 2.26% $23 376 533 651 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 85.6% 20 $0.448107 -2.40% -3.96% $15 996 646 457 ADA 7 days price change
10 SHIBA INU (SHIB) SHIB SHIBA INU predictions 79.6% 43 $0.000027 -1.69% 10.35% $15 773 784 154 SHIB 7 days price change
11 Toncoin (TON) TON Toncoin predictions 69.2% 56 $6.49 -0.24% 3.37% $15 645 142 151 TON 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 70.4% 52 $36.44 -1.24% -3.98% $14 319 830 046 AVAX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 61.6% 88 $18.18 -4.37% 14.40% $10 675 478 321 LINK 7 days price change
14 Wrapped Bitcoin (WBTC) WBTC Wrapped Bitcoin predictions 72.4% 50 $68 369.76 0.98% 0.71% $10 629 206 030 WBTC 7 days price change
15 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

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