Bitcoin
BTC$20 353.32

-1.42%

Ethereum
ETH$1 151.44

-2.30%

Tether
USDT$0.998798

-0.02%

USD Coin
USDC$1.000111

0.01%

Binance Coin
BNB$229.09

-1.23%

Binance USD
BUSD$1.001320

-0.01%

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% 92 $20 353.32 -1.42% -0.53% $388 337 068 695 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 55.6% 90 $1 151.44 -2.30% 3.97% $139 711 766 983 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.998798 -0.02% -0.02% $66 744 611 923 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 94% 1 $1.000111 0.01% -0.01% $55 808 782 078 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58% 89 $229.09 -1.23% 5.90% $37 404 633 525 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.001320 -0.01% 0.19% $17 406 616 075 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 63.6% 80 $0.339621 -1.67% 4.92% $16 418 339 027 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 66.8% 75 $0.475803 -0.50% 1.15% $16 059 575 338 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 69.6% 66 $35.74 -5.16% -0.53% $12 249 479 023 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 64.4% 80 $0.067290 -4.07% 4.85% $8 927 450 724 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 65.2% 78 $7.40 -2.37% -2.27% $7 303 239 049 DOT 7 days price change
12 Dai (DAI) DAI Dai predictions 94.8% 1 $1.000334 0.13% 0.07% $6 716 941 097 DAI 7 days price change
13 TRON (TRX) TRX TRON predictions 58.8% 91 $0.066436 0.34% 2.24% $6 144 991 551 TRX 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 64.8% 74 $0.000010 -6.10% 2.50% $5 582 275 254 SHIB 7 days price change
15 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 74% 50 $5.75 -1.64% -0.47% $5 487 883 492 LEO 7 days price change

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