Bitcoin
BTC$26 928.47

-0.71%

Ethereum
ETH$1 665.19

0.42%

Tether
USDT$0.999859

-0.02%

Binance Coin
BNB$215.67

0.18%

XRP
XRP$0.532033

4.66%

USD Coin
USDC$1.000025

-0.03%

Risk demand recovery has given Bitcoin a chance to rebound


23 Jul 2021

#Bitcoin

Cryptocurrencies took advantage of the rebound in the stock market, locally offsetting the recent decline. From a broader perspective, the coin only manages to offset part of the losses but globally it still fails to return to growth. Bitcoin adds almost 5% during the last 24 hours. The growth comes with higher trading volumes, which is a positive signal. However, there are concerns that this positive dynamics will exhaust its potential already at current price levels around $32K.

If this is indeed the case, we get a scenario of sustained selling of the cryptocurrency while trying to grow. However, if within the previous cycle in early 2018 this led to the collapse of the crypto market and the beginning of the crypto winter, now the sentiment of the retail sector has no global impact on Bitcoin. The rally to $65K was not driven by retail crypto enthusiasts, the price was driven by big capital. Of course, the rally was supported by the retail sector but even the maximum level of panic by private investors is hardly catastrophic.

Bitcoin’s clear dependence on the decisions of big capital, which has no special feelings about digital currencies and pursues only the goals of maximum enrichment, sets up scepticism in assessments of long-term potential. The crypto community used to fear Bitcoin’s dependence on the concentration of computing power in China. Now the fear is the large involvement of big capital. Of course, when institutional investors buy, it’s only welcome as the price grows but sooner or later, they will start selling.

The good news is that now we can observe a stage of asset accumulation. If you look at the news agenda, big capital continues to increase its stake in the crypto sector. For example, the Rothschild Investment Corp fund increased its holdings in Grayscale’s BTC and ETH trusts by 5%. This is now a general trend, and it is very likely that we will still see Bitcoin rise in the coming days or weeks. However, at some point a new massive sell-off will begin with a potential $10K target, zeroing in on the entire rally from last October.


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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 96% 2 $26 928.47 -0.71% 1.47% $525 089 762 777 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 94% 3 $1 665.19 0.42% 4.57% $200 215 397 562 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $0.999859 -0.02% -0.02% $83 264 814 922 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 94.8% 2 $215.67 0.18% 2.40% $33 180 858 234 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 92.8% 8 $0.532033 4.66% 3.39% $28 363 921 577 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000025 -0.03% 0% $25 224 083 856 USDC 7 days price change
7 Lido stETH (STETH) STETH Lido stETH predictions 91.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
8 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 85.2% 26 $0.089033 3.90% 6.31% $9 052 505 410 WTRX 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 90.4% 6 $0.061973 0.87% 0.88% $8 751 141 540 DOGE 7 days price change
10 Cardano (ADA) ADA Cardano predictions 90% 7 $0.249024 -0.02% 2.13% $8 747 839 413 ADA 7 days price change
11 Solana (SOL) SOL Solana predictions 86.8% 18 $20.25 2.78% 4.53% $8 360 680 712 SOL 7 days price change
12 TRON (TRX) TRX TRON predictions 85.6% 22 $0.089574 3.69% 7.57% $7 978 844 652 TRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 62.8% 84 $2.21 -0.96% -3.88% $7 601 171 597 TON 7 days price change
14 Dai (DAI) DAI Dai predictions 94% 1 $0.999946 -0.07% 0.05% $5 347 597 900 DAI 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 93.2% 7 $4.08 -0.14% 1.68% $5 010 206 612 DOT 7 days price change

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