Bitcoin
BTC$26 897.71

-0.57%

Ethereum
ETH$1 860.48

-0.05%

Tether
USDT$1.000026

-0.01%

Binance Coin
BNB$304.67

-0.61%

USD Coin
USDC$0.999756

-0.01%

XRP
XRP$0.504250

-1.53%

It Is Not Just Winter in the Crypto Market, It Is Polar Cold


24 Jan 2022

#Bitcoin

There is a price, there is a hash rate and there is a complexity setting: these are three things you need to keep in mind,” Max Keiser explains. “I have always said that the price lags behind the hash rate, so once we see its new all-time highs, new all-time highs of the bitcoin price will follow.

Guido Buehler, CEO of SEBA cryptocurrency bank, calls a three times more modest goal. He believes that digital gold could rise to $75,000 by the end of 2022. “Our internal valuation models point to a price between $50,000 and $75,000. I am quite sure that we will see this level,” he said, adding that the volatility of bitcoin will remain high, but the asset will be able to test new record levels, the only question is the timing.

Cryptocurrency analyst Justin Bennett's forecast can also be classified as optimistic, although the numbers here are even smaller. Bennett reviewed BTC historical price movement models that show that the asset is expected to rise by 20-30%. “It can be seen that starting from early 2021, bitcoin, finding the minimum below the liquidation level, then makes an upward movement. The average rate of such movement is about 63%, and the lowest was in April, about 27%. - the expert says. “If you take this data and look at the low around $40,000, then a minimum move of around 27% would take the market to around $50,000. This is highly likely given that the $50,000-53,000 range is very important, and sellers will defend this range as resistance.

There is no clear opinion on the future of ethereum either. Some still hope that the ETH/USD pair will meet 2023 around $7,000-10,000, while others expect the coin to crash after bitcoin. For example, Peter Brandt, a Wall Street trader with 45 years of experience, expects a further decline in the price of ethereum. In his opinion, from a technological point of view, this altcoin is “a very complex, costly, and user-inconvenient platform in terms of its use for NFTs, special tokens, and its involvement in the metaverse.” Based on this, Brandt concludes that ETH will lose points in the eyes of investors, giving way to competitors.

Peter Brandt's forecast is quite controversial. Indeed, the slow protocol has led to delays in transactions and a significant increase in fees. Sometimes a transaction costs more than $50, which is very expensive compared to the competition. For example, the commission is less than a cent in Solana. However, due to its high decentralization, ethereum is still the first in terms of the use of smart contracts. At the moment, this altcoin dominates the rest of the blockchains in the DeFi sector with $157 billion of blocked funds or 66% of the total market. Its lead is even greater in the NFT sector: here ETH is almost a monopoly as its share exceeds 90%.

It is possible that its share will decrease over time due to competition, but many experts still promise a bright future for this altcoin. The transition to the proof-of-stake protocol and the subsequent network scaling should help it maintain its leading position. The “X hour” for these steps is scheduled for the Q2 2022 at the moment. However, there is a certain risk that the date will be postponed again. This does not seem to scare investors much though. According to the Glassnode platform, they are buying up coins despite the drop in their value.

Ethereum has already lost about 50% of its value in two months. At the same time, the number of ETH wallets with a non-zero balance has reached a new high of 73,025,019. Network activity is also increasing, which indicates the desire of investors to take advantage of the correction and buy as many tokens as possible. The average daily number of transactions on the blockchain exceeds 1.2 million at the moment. According to Glassnode analysts, ETH will trade in a narrow range until a clear vector of movement for the US stock market is formed. If the capital goes into risky assets again, then the ethereum will resume the rise along with bitcoin.


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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 88% 10 $26 897.71 -0.57% 2.07% $521 544 143 377 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 91.2% 5 $1 860.48 -0.05% 3.44% $223 714 819 656 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 95.2% 1 $1.000026 -0.01% 0.03% $83 224 498 225 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 92.4% 1 $304.67 -0.61% -0.08% $47 485 262 045 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92% 1 $0.999756 -0.01% -0.01% $28 847 127 885 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 80.4% 37 $0.504250 -1.53% 11.90% $26 212 632 900 XRP 7 days price change
7 Cardano (ADA) ADA Cardano predictions 87.6% 10 $0.364572 -2.55% 1.76% $12 717 605 112 ADA 7 days price change
8 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
9 Dogecoin (DOGE) DOGE Dogecoin predictions 86.4% 17 $0.071692 0.74% 1.81% $10 007 347 652 DOGE 7 days price change
10 Polygon (MATIC) MATIC Polygon predictions 82% 35 $0.893847 0.39% 0.86% $8 294 424 384 MATIC 7 days price change
11 Solana (SOL) SOL Solana predictions 84.4% 29 $20.71 0.55% 7.01% $8 214 229 812 SOL 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 77.6% 37 $0.074826 -0.77% -3.49% $7 608 018 393 WTRX 7 days price change
13 Litecoin (LTC) LTC Litecoin predictions 76.8% 37 $94.21 5.89% 10.62% $6 881 721 612 LTC 7 days price change
14 TRON (TRX) TRX TRON predictions 78.4% 35 $0.074853 -0.76% -3.71% $6 753 192 726 TRX 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 91.6% 10 $5.23 -1.35% -0.75% $6 224 984 176 DOT 7 days price change

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