Is Bitcoin leading or following global demand for risk?
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.
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.
Top Cryptocurrencies with Price Predictions
| # | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
| 1 |  BTC |
Bitcoin predictions | 59.2% | 81 | $16 978.70 | 4.39% | 2.88% | $326 335 954 931 |  |
|
|---|---|---|---|---|---|---|---|---|---|---|
| 2 |  ETH |
Ethereum predictions | 61.2% | 79 | $1 272.58 | 7.65% | 9.73% | $155 730 706 390 |  |
|
| 3 |  USDT |
Tether predictions | 94.4% | 1 | $0.999717 | 0.01% | 0.07% | $65 344 160 805 |  |
|
| 4 |  BNB |
Binance Coin predictions | 69.6% | 65 | $303.20 | 2.45% | 11.12% | $48 502 460 386 |  |
|
| 5 |  USDC |
USD Coin predictions | 95.6% | 1 | $1.000139 | -0.01% | -0.03% | $43 277 644 672 |  |
|
| 6 |  BUSD |
Binance USD predictions | 94.8% | 1 | $1.000531 | -0.02% | -0.04% | $22 382 168 682 |  |
|
| 7 |  XRP |
XRP predictions | 68.4% | 66 | $0.404716 | 4.85% | 7.75% | $20 353 202 189 |  |
|
| 8 |  DOGE |
Dogecoin predictions | 59.6% | 85 | $0.107996 | 6.28% | 33.79% | $14 327 928 052 |  |
|
| 9 |  ADA |
Cardano predictions | 62% | 81 | $0.317149 | 3.18% | 0.58% | $10 922 533 679 |  |
|
| 10 |  STETH |
Lido stETH predictions | 93.2% | 1 | $2 941.39 | -0.40% | -3.32% | $10 258 752 564 |  |
|
| 11 |  MATIC |
Polygon predictions | 64.8% | 72 | $0.870461 | 4.66% | 0.89% | $7 602 885 646 |  |
|
| 12 |  DOT |
Polkadot predictions | 66% | 67 | $5.45 | 5.72% | 1.92% | $6 217 714 859 |  |
|
| 13 |  LTC |
Litecoin predictions | 63.2% | 74 | $78.90 | 4.47% | 1.74% | $5 659 018 434 |  |
|
| 14 |  DAI |
Dai predictions | 96% | 1 | $0.999966 | 0.01% | -0.06% | $5 641 163 245 |  |
|
| 15 |  WTRX |
Wrapped TRON predictions | 67.2% | 66 | $0.054055 | 1.60% | 6.42% | $5 496 066 891 |  |
