Bitcoin
BTC$48 023.28

-0.71%

Ethereum
ETH$3 563.80

-1.89%

Cardano
ADA$2.42

-2.23%

Binance Coin
BNB$421.22

-2.55%

Tether
USDT$1.000499

0.02%

XRP
XRP$1.093567

-2.51%

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 Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 24 $48 023.28 -0.71% 3.44% $903 705 648 774 $30 868 405 829
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 52 $3 563.80 -1.89% 4.12% $418 950 530 113 $18 493 669 977
3 Cardano (ADA) ADA Cardano predictions 66% 64 $2.42 -2.23% -3.43% $77 683 489 177 $3 095 901 217
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 70 $421.22 -2.55% -0.83% $70 821 892 729 $1 657 577 581
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000499 0.02% 0.05% $68 288 037 795 $74 172 515 331
6 XRP (XRP) XRP XRP predictions 71.2% 56 $1.093567 -2.51% -3.05% $50 984 520 461 $3 018 193 479
7 Solana (SOL) SOL Solana predictions 57.2% 89 $146.88 -7.34% -21.00% $43 597 219 268 $3 263 512 936
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 83 $36.36 1.92% 15.42% $35 909 826 746 $2 318 625 572
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.254974 3.69% 0.76% $33 480 789 211 $1 873 594 606
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000186 0.02% 0.01% $29 230 519 112 $2 845 039 489
11 UniSwap (UNI) UNI UniSwap predictions 68.8% 56 $25.82 -4.67% 9.72% $15 791 177 382 $595 594 004
12 Terra (LUNA) LUNA Terra predictions 68% 67 $36.20 -0.80% 12.70% $14 549 248 511 $1 555 371 086
13 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 69 $64.76 6.83% 48.17% $14 265 392 957 $2 603 032 868
14 Chainlink (LINK) LINK Chainlink predictions 74% 56 $29.85 -5.29% 4.13% $13 491 251 604 $1 523 058 445
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000197 0.01% 0.02% $12 747 342 580 $6 385 206 639

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