Bitcoin
BTC$27 769.57

0.34%

Ethereum
ETH$1 760.08

0.25%

Tether
USDT$1.000733

-0.01%

Binance Coin
BNB$326.69

0.81%

USD Coin
USDC$0.999682

-0.01%

XRP
XRP$0.446466

-3.10%

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 70.8% 61 $27 769.57 0.34% -1.21% $536 754 799 967 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78% 45 $1 760.08 0.25% -3.71% $215 388 158 297 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94% 1 $1.000733 -0.01% -0.23% $79 080 219 026 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 70.4% 55 $326.69 0.81% -4.05% $51 580 669 015 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 2 $0.999682 -0.01% -0.03% $33 902 351 134 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 79.2% 31 $0.446466 -3.10% 12.47% $22 747 856 843 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 61.6% 82 $0.083065 -7.66% -5.41% $14 404 450 316 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 75.6% 39 $0.354052 -1.61% 0.76% $12 296 599 101 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 73.2% 45 $1.091200 -0.69% -10.47% $9 908 609 587 MATIC 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 78% 42 $0.074319 -1.03% -2.69% $9 860 013 376 DOGE 7 days price change
12 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $0.999782 -0.03% -0.07% $8 022 603 277 BUSD 7 days price change
13 Solana (SOL) SOL Solana predictions 72.8% 46 $20.76 0.18% -7.29% $7 971 638 329 SOL 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 79.6% 39 $6.01 -0.11% -8.80% $7 035 460 173 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 74% 57 $92.76 0.43% 7.61% $6 731 324 739 LTC 7 days price change

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