Crypto may be ready for a new leg down
The crypto market capitalisation rose 1.5% last week to reach $1.066 trillion at the start of the new week. But it wasn't a smooth ride, as Bitcoin gained 2% last week to end the week down 4% at around $26,500. Ethereum lost 1% to $1730. Other leading altcoins in the top 10 fell between 0.4% (TRON) and 6.4% (XRP). The exception was BNB (+2.6%).
Thanks largely to positive equity market traction, bitcoin found support on the downside below $25,000 and formally closed above its 200-week average. The market was near the upper end of the downside range on the smaller timeframes. Given the overbought equity market, more downside risks could push BTCUSD lower, leaving it within the bearish trend. Only a rally above $27.2K - the area of previous local highs and the 50-day moving average - can effectively break this trend.
According to Bloomberg, Bitcoin's share of the total market value of all cryptocurrencies has reached its highest level since mid-autumn 2021. Traders are more likely to keep their money away from altcoins.
News background
Digital asset platform Bakkt has announced that it is removing Solana, Polygon and Cardano cryptocurrencies from its available assets until regulatory uncertainty is resolved. US financial giants BlackRock, Bank of America and Fidelity are increasing their investment in MicroStrategy shares, with more than $200 million invested. MicroStrategy holds more than 140,000 BTCs.
The Securities and Exchange Commission (SEC) agreed with the Binance exchange to restrict employees of the parent platform from accessing the assets of Binance.US customers. French authorities have opened an investigation into the Binance exchange, Le Monde reported, citing the Paris prosecutor's office. The authorities suspect the exchange of money laundering, failure to comply with KYC procedures and other violations of French law. Tesla CEO Elon Musk denies insider trading in the Dogecoin cryptocurrency. He says he does not own the cryptocurrency wallets allegedly used for DOGE transactions.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 85.6% | 26 | $59 647.06 | -2.24% | -2.15% | $1 178 972 656 705 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 76.8% | 39 | $2 365.97 | -2.15% | 0.62% | $284 816 555 668 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $0.998881 | -0.02% | -0.10% | $119 722 078 841 |  |
|
| 4 |  BNB |
Binance Coin predictions | 79.6% | 29 | $559.35 | -2.18% | 2.55% | $81 626 883 637 |  |
|
| 5 |  SOL |
Solana predictions | 74.4% | 43 | $137.84 | -2.08% | 0.50% | $64 699 318 665 |  |
|
| 6 |  USDC |
USD Coin predictions | 95.2% | 1 | $1.000127 | 0.02% | 0.01% | $34 691 810 624 |  |
|
| 7 |  XRP |
XRP predictions | 74% | 43 | $0.527057 | -0.48% | 0.08% | $29 855 152 569 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 84.4% | 29 | $0.104429 | -4.08% | -0.29% | $15 279 210 751 |  |
|
| 9 |  TRX |
TRON predictions | 92.8% | 2 | $0.158715 | -1.13% | 1.41% | $13 738 389 208 |  |
|
| 10 |  TON |
Toncoin predictions | 80.4% | 29 | $5.07 | -1.25% | -4.65% | $12 850 842 182 |  |
|
| 11 |  ADA |
Cardano predictions | 80.8% | 37 | $0.335821 | -1.02% | -1.80% | $11 740 655 962 |  |
|
| 12 |  AVAX |
Avalanche predictions | 73.6% | 53 | $25.48 | -2.28% | 3.02% | $10 359 781 970 |  |
|
| 13 |  STETH |
Lido stETH predictions | 94% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 14 |  WTRX |
Wrapped TRON predictions | 94.8% | 1 | $0.116354 | -0.46% | 0.23% | $10 171 995 609 |  |
|
| 15 |  WBTC |
Wrapped Bitcoin predictions | 93.6% | 1 | $65 806.83 | 0.78% | -2.68% | $10 083 957 608 |  |
