Crypto market's fragile stability
Bitcoin has added 2% in the past 24 hours to $21,400. Ethereum added 4.6% to $1640, while top altcoins added between 0.9% (Dogecoin) and 4.4% (Polkadot). Total cryptocurrency market capitalization, according to CoinMarketCap, rose 2.2% to $1.03 trillion overnight. The Cryptocurrency Fear and Greed Index fell 3 points to 25 by Wednesday and went from "fear" to "extreme fear".
Unlike stock indices, Bitcoin has not fallen but has appeared as if it is disconnected from the market, having reached an equilibrium between the sell-off lows of late July at $20.5K and $22.5K.
The technical picture looks like a consolidation before a new downward momentum, potentially to the lows near 17600. BTCUSD could update that low if the decline gets caught up in the storm of falling stock markets. But it is too early to bet on this.
News background
CoinShares strategy director Meltem Demirors believes that because of the holiday season, we should not expect significant changes in the cryptocurrency market until the end of September. According to SkyBridge Capital CEO Anthony Scaramucci, bitcoin cannot yet act as an asset to hedge inflation as adopting the first cryptocurrency is not enough.
According to Arcane Research, Bitcoin could become one of the world's leading power consumers by 2040.
Developers of the Dogecoin Foundation have reported that a DOGE-ETH bridge will be launched by the end of the year to move DOGE from the Dogecoin blockchain to the Ethereum network and back again.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 82.8% | 26 | $66 654.57 | 0.62% | 4.84% | $1 312 390 776 297 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 75.2% | 49 | $3 250.95 | 2.76% | 5.39% | $396 768 717 839 |  |
|
| 3 |  USDT |
Tether predictions | 91.2% | 1 | $0.999966 | -0.06% | -0.05% | $110 459 716 142 |  |
|
| 4 |  BNB |
Binance Coin predictions | 86.8% | 18 | $607.58 | 1.10% | 11.52% | $89 671 238 474 |  |
|
| 5 |  SOL |
Solana predictions | 64.8% | 67 | $157.92 | 2.53% | 12.56% | $70 598 515 294 |  |
|
| 6 |  USDC |
USD Coin predictions | 93.6% | 2 | $0.999941 | -0.01% | -0.03% | $33 694 632 835 |  |
|
| 7 |  XRP |
XRP predictions | 71.6% | 60 | $0.549667 | 0.06% | 8.82% | $30 302 664 823 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 73.2% | 59 | $0.161383 | 2.30% | 3.87% | $23 241 452 705 |  |
|
| 9 |  TON |
Toncoin predictions | 66% | 67 | $5.88 | 5.26% | -7.80% | $20 396 556 662 |  |
|
| 10 |  ADA |
Cardano predictions | 66.4% | 63 | $0.504411 | -0.82% | 10.03% | $17 974 157 464 |  |
|
| 11 |  SHIB |
SHIBA INU predictions | 62.4% | 82 | $0.000027 | 2.39% | 21.11% | $16 012 197 726 |  |
|
| 12 |  AVAX |
Avalanche predictions | 70.8% | 63 | $39.14 | 2.13% | 11.70% | $14 796 271 506 |  |
|
| 13 |  DOT |
Polkadot predictions | 68.8% | 59 | $7.42 | 0.82% | 11.31% | $10 664 533 748 |  |
|
| 14 |  WBTC |
Wrapped Bitcoin predictions | 82.8% | 24 | $66 735.31 | 0.73% | 4.88% | $10 369 582 437 |  |
|
| 15 |  STETH |
Lido stETH predictions | 95.6% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
