Bitcoin
BTC$20 277.35

-2.12%

Ethereum
ETH$1 145.31

-3.04%

Tether
USDT$0.998764

-0.01%

USD Coin
USDC$1.000530

0.03%

Binance Coin
BNB$224.81

-4.04%

Binance USD
BUSD$1.000787

0.10%

The Crypto market clears the way for growth to new heights


27 Oct 2021

#Bitcoin

The crypto market continues to be in a positive frame of mind with a total capitalisation of around $2.6 trillion. Bitcoin received support earlier in the week on a decline to $60K but failed to take the upside path steadily. Probably, volatility may increase as the price moves out of the $60-65K range. Bitcoin continues to be a market mover and can confidently be taken as a barometer of sentiment.

The cryptocurrency Greed & Fear Index is back in extreme greed mode at 76. The daily chart’s RSI index for the BTCUSD pair is some distance away from the overbought zone at 62.

BTCUSD Daily Chart

Technically, bitcoin’s correction at the end of last week removed some of the local overbought areas after the rally since late September. For bulls, this opens opportunities for a build-up of buying with potential targets at $83K. However, looking further ahead, Bitcoin is just beginning new upside momentum, targeting the $95-100K area. Until those levels, we may not see a prolonged and significant pullback.

Several Bitcoin-ETFs were launched last week, which had a very successful start and supported sentiment in the crypto market. A few more may be launched this week, which should keep the overall positive sentiment in the market. Of course, this factor cannot support the crypto market forever, and soon we will start to see the impact of other events.

One such event could be the start of compensation payments from the infamous Mt Gox exchange. Lenders have approved a compensation plan, and there is 150K BTC in the fund for this purpose. This is a massive number of coins, and many who received such compensation will sell theirs.

The first thing to consider here is the many times the price of bitcoin has risen since the hacking of the exchange. At one time, Kobayashi, the exchange’s asset manager, became a central player in the crypto market; this could likely happen again. While Bitcoin’s price is near an all-time high anyway, the network’s processing power has never recovered to its peak in mid-May.

The move by Chinese miners to Kazakhstan is probably over, for the most part, making the country the world’s No. 2 in terms of hash rate. If the local authorities do not oppose the miners’ work, the capacity will continue to build up there already. Many factors point to the likelihood of continued price increases, which could begin to stimulate the strongest FOMO in the crypto market history.


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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 59.6% 92 $20 277.35 -2.12% -0.29% $386 889 430 746 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 55.2% 90 $1 145.31 -3.04% 4.85% $138 969 035 870 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $0.998764 -0.01% -0.03% $66 742 331 401 USDT 7 days price change
4 USD Coin (USDC) USDC USD Coin predictions 93.6% 1 $1.000530 0.03% 0.05% $55 832 163 481 USDC 7 days price change
5 Binance Coin (BNB) BNB Binance Coin predictions 58.4% 89 $224.81 -4.04% 4.38% $36 706 159 546 BNB 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $1.000787 0.10% 0.21% $17 397 351 213 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 62% 80 $0.335982 -2.23% 4.31% $16 242 394 323 XRP 7 days price change
8 Cardano (ADA) ADA Cardano predictions 65.6% 75 $0.471136 -2.23% 1.44% $15 987 555 258 ADA 7 days price change
9 Solana (SOL) SOL Solana predictions 68% 66 $35.51 -5.44% 2.11% $12 172 607 058 SOL 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 61.6% 80 $0.066802 -4.36% 6.01% $8 862 682 263 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 63.2% 78 $7.30 -3.42% -2.45% $7 213 387 817 DOT 7 days price change
12 Dai (DAI) DAI Dai predictions 92% 1 $1.000157 0.01% 0.09% $6 718 514 631 DAI 7 days price change
13 TRON (TRX) TRX TRON predictions 55.6% 91 $0.065880 0.37% 2.62% $6 093 590 634 TRX 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 63.2% 74 $0.000010 -7.02% 4.64% $5 528 798 046 SHIB 7 days price change
15 UNUS SED LEO (LEO) LEO UNUS SED LEO predictions 76.8% 50 $5.75 -1.33% -2.42% $5 482 403 972 LEO 7 days price change

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