Bitcoin rose 1.1% on Monday, and on Tuesday morning, it "shot up" another 5.5%, adding 7.5% over the past 24 hours. This growth momentum has brought the price of the first cryptocurrency back above $20K, in stark contrast to the dynamics of falling markets and a strengthening dollar. Ethereum added almost as much - 7% - rising to $1,385. Against this backdrop, total crypto market capitalisation jumped 5.5% to $970 billion, with top altcoins adding between 2.3% (XRP) and 8.1% (Solana).
According to CoinShares, investments in cryptocurrencies rose for the second consecutive week last week. Net inflows were $8 mln, Bitcoin investments were up $3 mln, and Ethereum investments were up $7 mln. Investments in funds that allow shorts on bitcoin were down $5 mln, the first decline in 8 weeks.
While the Dow Jones index closed at its lowest since November 2020, the Nasdaq100 turned to growth after nearing the lows of June, and cryptocurrencies showed a strong surge. The outperformance of the riskiest assets is more typical of periods of great monetary stimulus. Therefore, the most relevant question is whether we are now see ing the first signs of a market reversal or a trap for naive bulls.
Bitcoin will continue to trade in a range of $17K to $25K, Glassnode expects. Intense US Federal Reserve monetary policy pressure and an unfavourable macroeconomic climate offset any essential positive developments in the crypto industry. Dan Morehead, CEO of crypto hedge fund Pantera Capital, believes billions of people will use blockchain in the coming years, increasing the value of cryptocurrencies.
The SEC has demonstrated that it intends to "damage or destroy the cryptocurrency industry in the US", said LBRY, a decentralised content publishing platform. Technology giant Apple has allowed the sale of collectable tokens (NFTs) in apps on its devices, but the commission will be 30%, sparking outrage in the crypto community.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 86% | 27 | $63 594.33 | -1.83% | -5.73% | $1 252 025 337 724 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 74.4% | 45 | $3 039.42 | -2.00% | -7.31% | $364 949 888 824 | ||
3 | USDT | Tether predictions | 96% | 1 | $1.000390 | -0.02% | 0.03% | $109 512 309 845 | ||
4 | BNB | Binance Coin predictions | 88.4% | 18 | $554.95 | -0.79% | -6.33% | $82 983 392 764 | ||
5 | SOL | Solana predictions | 75.2% | 51 | $141.39 | -2.63% | -7.00% | $63 174 091 317 | ||
6 | USDC | USD Coin predictions | 96% | 2 | $1.000070 | 0.01% | 0.02% | $33 905 810 780 | ||
7 | XRP | XRP predictions | 72.4% | 60 | $0.522280 | 4.24% | -3.92% | $28 792 851 909 | ||
8 | DOGE | Dogecoin predictions | 68.8% | 59 | $0.152076 | -0.43% | -11.87% | $21 893 201 081 | ||
9 | TON | Toncoin predictions | 65.6% | 64 | $6.21 | -13.14% | -6.99% | $21 567 602 629 | ||
10 | ADA | Cardano predictions | 67.2% | 60 | $0.483966 | 3.87% | -5.77% | $17 241 131 851 | ||
11 | SHIB | SHIBA INU predictions | 62.8% | 85 | $0.000023 | -0.30% | -7.16% | $13 416 969 506 | ||
12 | AVAX | Avalanche predictions | 67.2% | 60 | $35.38 | -0.33% | -8.46% | $13 371 857 046 | ||
13 | STETH | Lido stETH predictions | 96% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 | ||
14 | WBTC | Wrapped Bitcoin predictions | 82.4% | 31 | $63 634.66 | -1.65% | -5.61% | $9 887 791 148 | ||
15 | DOT | Polkadot predictions | 71.2% | 57 | $6.74 | -1.34% | -7.42% | $9 676 778 695 |
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