Bitcoin
BTC$16 978.70

4.39%

Ethereum
ETH$1 272.58

7.65%

Tether
USDT$0.999717

0.01%

Binance Coin
BNB$303.20

2.45%

USD Coin
USDC$1.000139

-0.01%

Binance USD
BUSD$1.000531

-0.02%

Is Bitcoin leading or following global demand for risk?


23 May 2022

#Bitcoin

Bitcoin is down 3.6% over the past week, ending near $29,900. Ethereum lost 5.8%, while other leading altcoins in the top 10 fell from 5.4% (XRP) to 9.2% (Cardano). The exception was Binance Coin (+3.3%). According to CoinMarketCap, the total capitalisation of the crypto market has changed little over the past seven days at 1.29 trillion, as the decline at the beginning of the last week was largely reversed by its end.

By Monday, the cryptocurrency fear and greed index is down 4 points to 10. Bitcoin has declined for seven consecutive weeks amid a sell-off in stock markets. Bitcoin is in its 13th day of trading through the $30K level.

Over the weekend, we saw almost traditional buying by retail investors, but their strength only allowed them to bounce back from Friday's losses. If we look at Bitcoin as a leading indicator of risk demand rather than tailing off moves in the S&P500 or Nasdaq, we may well be in a situation where the tail rules the dog. Galaxy Digital CEO Mike Novogratz said that the altcoin market will collapse by another 70% with US Fed policy and a bearish trend.

Is Bitcoin leading or following global demand for risk?

Microsoft co-founder Bill Gates said he only invests in assets that "deliver returns". In his view, cryptocurrencies do not fall into that category. Billy Marcus, one of the creators of Dogecoin, said the cryptocurrency market is a mix of unhealthy optimism, FOMO, panic, scams, gambling, and widespread stupidity. He said he has not been involved in the DOGE project for more than 7.5 years but describes himself as a coin supporter.

ECB head Christine Lagarde said that, unlike central bank digital currencies, cryptocurrencies have no value and are not based on anything. A group of G7 finance ministers pointed to the importance of accelerated legislation to regulate digital assets following the collapse of the UST stable coin and LUNA cryptocurrency.


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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 59.2% 81 $16 978.70 4.39% 2.88% $326 335 954 931 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.2% 79 $1 272.58 7.65% 9.73% $155 730 706 390 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.999717 0.01% 0.07% $65 344 160 805 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 65 $303.20 2.45% 11.12% $48 502 460 386 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 95.6% 1 $1.000139 -0.01% -0.03% $43 277 644 672 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 94.8% 1 $1.000531 -0.02% -0.04% $22 382 168 682 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 68.4% 66 $0.404716 4.85% 7.75% $20 353 202 189 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 59.6% 85 $0.107996 6.28% 33.79% $14 327 928 052 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 62% 81 $0.317149 3.18% 0.58% $10 922 533 679 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 93.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 72 $0.870461 4.66% 0.89% $7 602 885 646 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 66% 67 $5.45 5.72% 1.92% $6 217 714 859 DOT 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 63.2% 74 $78.90 4.47% 1.74% $5 659 018 434 LTC 7 days price change
14 Dai (DAI) DAI Dai predictions 96% 1 $0.999966 0.01% -0.06% $5 641 163 245 DAI 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 67.2% 66 $0.054055 1.60% 6.42% $5 496 066 891 WTRX 7 days price change

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