Bitcoin
BTC$16 879.16

3.83%

Ethereum
ETH$1 272.05

8.13%

Tether
USDT$0.999679

0%

Binance Coin
BNB$302.95

3.12%

USD Coin
USDC$1.000195

0%

Binance USD
BUSD$1.000057

-0.04%

Has Bitcoin reached the bottom?


16 May 2022

#Bitcoin

Bitcoin is down 9.4% over the past week, ending at around $31,000. Ethereum lost 16.1%, while other leading altcoins in the top 10 fell from 13.9% (Binance Coin) to 25.4% (Solana). The total capitalisation of the crypto market, according to CoinMarketCap, sank 15% over the week to $1.30 trillion. The bitcoin dominance index jumped 2.9 points to 44.4% over the same period due to a sharp weakening of altcoins.

The cryptocurrency fear and greed index fell 8 points in the week to 10 and continues to be in "extreme fear". By Monday, the index had climbed to 14 points, thanks to the cryptocurrency market's retreat from local lows at the end of last week. Bitcoin has declined for six weeks in a row, along with stock indices.

A prolonged one-way move in Bitcoin was last seen in late 2018 when the first cryptocurrency hit a cyclical bottom. That was followed by many more months of sluggish momentum, so investors have an essential question: choose a low point to buy or join the move when it is certain. Prudence suggests that it is less risky to follow the second strategy.

Has Bitcoin reached the bottom?

Last week's decline intensified after breaking through last year's lows near $30,000, becoming the most significant weekly drop since January. The story of the Terra (LUNA) crash and the TerraUSD stablecoin project added to the negativity on the crypto market, hitting all altcoins hard. According to Global Macro Investor CEO Raul Pal, May and June will be the most worrying months, so a new wave of sell-offs in the crypto market is inevitable.

Legendary investor Bill Miller said he sold some of his BTC holdings. Although bitcoin may continue to decline in the short term and even drop by half from current levels, Miller looks at bitcoin positively and expects it to grow over a long time. Robert Kiyosaki, the world-famous author of the bestselling book Rich Daddy, Poor Daddy, is looking to buy bitcoin once it tests the 'bottom' at $17,000. The businessman has once again expressed distrust of the US government.


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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 60.4% 80 $16 879.16 3.83% 4.16% $324 421 208 164 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.2% 79 $1 272.05 8.13% 12.50% $155 665 223 455 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $0.999679 0% 0.05% $65 341 718 067 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70% 65 $302.95 3.12% 14.10% $48 463 988 289 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 93.2% 1 $1.000195 0% 0% $43 280 361 678 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000057 -0.04% -0.09% $22 371 551 683 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 67.2% 66 $0.407823 5.57% 10.41% $20 509 425 885 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 58.8% 85 $0.107389 9.20% 37.69% $14 247 386 900 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 59.2% 81 $0.316301 2.66% 2.01% $10 893 160 833 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 94.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64% 72 $0.864716 4.41% 2.84% $7 552 705 597 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 64.4% 67 $5.45 5.62% 3.60% $6 218 633 133 DOT 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 64.4% 74 $79.26 5.41% 13.17% $5 684 689 040 LTC 7 days price change
14 Dai (DAI) DAI Dai predictions 90.8% 1 $1.000829 0.06% 0.05% $5 648 589 387 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68.4% 66 $0.053912 1.49% 7.13% $5 481 511 550 WTRX 7 days price change

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