Bitcoin
BTC$36 947.77

-1.06%

Ethereum
ETH$2 006.98

-1.94%

Tether
USDT$1.000106

-0.01%

Binance Coin
BNB$225.88

-1.16%

XRP
XRP$0.599360

-0.94%

USD Coin
USDC$0.999945

0%

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 89.2% 8 $36 947.77 -1.06% -1.21% $722 517 987 780 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 76% 49 $2 006.98 -1.94% -0.25% $241 327 503 957 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.2% 1 $1.000106 -0.01% -0.03% $88 908 308 061 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 81.6% 28 $225.88 -1.16% -13.20% $34 266 144 454 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 76.8% 42 $0.599360 -0.94% -1.73% $32 255 761 880 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 94% 1 $0.999945 0% 0.02% $24 452 239 909 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 56.8% 87 $54.93 -1.57% -2.13% $23 259 800 805 SOL 7 days price change
8 Cardano (ADA) ADA Cardano predictions 70% 62 $0.370958 -3.20% -3.22% $13 094 166 560 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 48 $0.077136 -4.06% 0.31% $10 954 291 481 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 90.8% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 TRON (TRX) TRX TRON predictions 81.2% 27 $0.101641 -4.10% 0.18% $9 001 259 365 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 82% 30 $0.101320 -4.87% 0.51% $8 972 888 283 WTRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 80% 31 $2.43 2.70% 4.28% $8 334 169 287 TON 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 63.6% 69 $13.97 -3.35% -1.89% $7 781 668 263 LINK 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 57.6% 86 $19.69 -3.93% -5.98% $7 187 470 859 AVAX 7 days price change

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