The crypto market's capitalisation has fallen 2.8% in the last 24 hours to $2.166 trillion. Methodical pressure on the significant coins persists along with wary trading in traditional equity markets. The bitcoin price has been losing 2.5% in the last 24 hours and is 5.6% lower than it was exactly a week ago. Ether is down 3.4% and 4%, respectively. Some other top coins are also under severe pressure, but we cannot say that the dynamics are unambiguous. For example, XRP is up 5.5%, AVAX is up 22%, and Luna is up 30.7% in the last seven days.
At the beginning of the year, institutional and investment bank interest provided cryptocurrencies with overperformance but now lowered demand for safety is becoming their Achilles' heel. The most methodical, albeit relatively measured, pressure has been seen in Bitcoin and Ether, which have been under bearish control for the past month and a half.
According to equity and commodity market definitions, BTCUSD and ETHUSD have crossed the bear market threshold, having lost more than 20% of their peaks in early November. Bitcoin, meanwhile, is not gaining meaningful support on the decline towards the 200-day average. These are all signs that the bear market is entering its rights, as enthusiasts can no longer buy out any drawdowns. Generally speaking, a modest downside amplitude is not typical of cryptocurrencies, so short-term traders should be prepared for an explosion of volatility on a decline below meaningful levels.
We assume that crucial support is concentrated near $40K for Bitcoin, a resistance level in January and a support level in October. Falling below this level could dramatically increase the coin's volatility and affect the entire market. For Ether, relatively measured volatility could continue up to the level of the 200-day moving average (just above 3300), which coincides with the area of extended consolidation in August and September and the start of the latest rally in October.
Suppose Ether and Bitcoin fail to find strong buying below these levels as well. In that case, we risk seeing a true capitulation of the entire cryptocurrency market and a revision of the outlook to a more bearish one.
|#||Crypto||Prediction||Accuracy||CVIX||Price||24h||7d||Market Cap||7d price change|
|1||BTC||Bitcoin predictions||90.8%||10||$26 909.29||-0.86%||2.64%||$521 762 781 363|
|2||ETH||Ethereum predictions||94%||5||$1 860.75||-0.46%||4.26%||$223 747 212 959|
|3||USDT||Tether predictions||95.2%||1||$1.000420||0.02%||0.05%||$83 257 322 855|
|4||BNB||Binance Coin predictions||91.2%||1||$304.46||-0.81%||-0.21%||$47 452 043 680|
|5||USDC||USD Coin predictions||92.4%||1||$1.000252||0.04%||0.02%||$28 886 516 964|
|6||XRP||XRP predictions||82%||37||$0.504162||0.03%||12.53%||$26 208 072 378|
|7||ADA||Cardano predictions||87.6%||10||$0.363100||-3.09%||1.49%||$12 666 261 005|
|8||STETH||Lido stETH predictions||92.8%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|9||DOGE||Dogecoin predictions||86.8%||17||$0.071627||0.22%||1.85%||$9 998 019 293|
|10||MATIC||Polygon predictions||80.4%||35||$0.892154||0.39%||1.50%||$8 278 715 292|
|11||SOL||Solana predictions||84.8%||29||$20.65||-0.37%||7.13%||$8 189 640 134|
|12||WTRX||Wrapped TRON predictions||78.8%||37||$0.074779||-0.81%||-3.05%||$7 603 269 311|
|13||LTC||Litecoin predictions||78.4%||37||$92.96||3.94%||10.15%||$6 790 470 965|
|14||TRX||TRON predictions||79.6%||35||$0.074543||-1.38%||-3.19%||$6 725 556 753|
|15||DOT||Polkadot predictions||92%||10||$5.23||-1.79%||-0.56%||$6 222 851 370|
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