Bitcoin
BTC$27 716.54

-1.82%

Ethereum
ETH$1 755.09

-2.51%

Tether
USDT$1.002644

0.08%

Binance Coin
BNB$324.28

-4.30%

USD Coin
USDC$0.999666

0.09%

XRP
XRP$0.430223

-7.21%

The crypto market is cheaper than a trillion again


09 Mar 2023

#Ethereum

The total capitalisation of the crypto market is back below $1 trillion, down 1.1% over the last 24 hours. We note that sellers drive the market during periods of reduced liquidity - in the early hours of the Asian session, as was the case today. Bitcoin lost $300 in a sharp move to $21.7K, approaching the February lows and the critical signal level of $21.5K. A break below this level would change the status of the current events from a "typical correction" to a "methodical sell-off". 

In that case, the road to $18K for bitcoin is open, and the capitalisation of the entire crypto market could fall back to $820B, as the rally from the beginning of the year would look like a blip in a bear market, not the start of a long uptrend. Many, including ourselves, saw the latter scenario as the main one until the end of last week.

Background to the news

Eric Pearce, CEO of One River Digital Asset Management, believes that the fall in the crypto market is temporary and that bitcoin has the potential to rise again. The key to the rally, he says, will be accelerating institutional adoption of crypto assets. According to a new Paxos survey, 89% of US crypto investors continue to entrust their funds to centralised exchanges, despite the collapse of several major companies in the cryptocurrency industry. 75% of US citizens are still interested in cryptocurrencies.

US banking giant JPMorgan is ending its banking relationship with Gemini, a cryptocurrency exchange Cameron and Tyler Winklevoss owned. According to PeckShield, the US government seized 48,998 BTC (worth about $1.08 billion) from the Silk Road darknet marketplace. The 9,825 BTC went to Coinbase, with the rest going to two new wallets. According to the court ruling, Binance's US unit could buy the assets of bankrupt cryptocurrency lender Voyager Digital.


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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 72% 51 $27 716.54 -1.82% 12.55% $535 636 495 855 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 78.4% 34 $1 755.09 -2.51% 5.91% $214 776 666 177 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 96% 1 $1.002644 0.08% -0.01% $77 641 115 939 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74% 47 $324.28 -4.30% 2.71% $51 200 109 142 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 90.8% 2 $0.999666 0.09% 0.01% $34 710 233 106 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 85.6% 17 $0.430223 -7.21% 17.82% $21 920 232 563 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 63.2% 82 $0.122471 17.07% 52.82% $21 237 782 043 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 78% 44 $0.363953 -4.28% 12.00% $12 636 148 693 ADA 7 days price change
9 Lido stETH (STETH) STETH Lido stETH predictions 92% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 73.2% 57 $0.074806 -1.43% 6.59% $9 924 596 389 DOGE 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 76.4% 51 $1.12 -3.14% -0.40% $9 779 730 336 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 74.8% 54 $21.61 -3.84% 11.54% $8 292 848 408 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 93.6% 1 $0.999732 -0.05% -0.05% $8 061 861 044 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 72.8% 50 $6.15 -3.06% 3.23% $7 193 674 767 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 70.4% 58 $87.97 7.97% 12.03% $6 381 945 113 LTC 7 days price change

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