Bitcoin
BTC$16 874.70

3.65%

Ethereum
ETH$1 266.25

6.98%

Tether
USDT$0.999728

0.01%

Binance Coin
BNB$296.30

-0.06%

USD Coin
USDC$0.999939

-0.03%

Binance USD
BUSD$1.000196

0.03%

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 59.2% 81 $16 874.70 3.65% 1.89% $324 337 050 706 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 61.6% 79 $1 266.25 6.98% 8.69% $154 955 601 290 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999728 0.01% 0.07% $65 344 934 206 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 65 $296.30 -0.06% 8.15% $47 398 738 411 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.999939 -0.03% -0.04% $43 268 973 600 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 92.8% 1 $1.000196 0.03% -0.09% $22 374 674 909 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 66% 66 $0.401945 4.59% 6.55% $20 213 805 129 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 57.2% 85 $0.106316 5.04% 30.08% $14 104 970 590 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 60.4% 81 $0.313237 1.61% -1.08% $10 787 813 925 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 96% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 64.8% 72 $0.859004 3.26% -0.55% $7 502 809 463 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 65.6% 67 $5.39 4.32% -0.09% $6 145 246 302 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 91.2% 1 $0.999629 -0.07% -0.19% $5 639 262 730 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 66% 74 $78.44 3.69% -3.79% $5 626 037 116 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 66.4% 66 $0.053898 1.37% 5.61% $5 480 160 672 WTRX 7 days price change

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