Bitcoin
BTC$41 312.94

-1.79%

Ethereum
ETH$3 057.90

-4.13%

Tether
USDT$1.000957

0.03%

Binance Coin
BNB$454.95

-4.03%

Cardano
ADA$1.37

-11.53%

USD Coin
USDC$0.999548

-0.04%

The crypto market is melting before our eyes


20 Dec 2021

#Bitcoin

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.


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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 72.4% 61 $41 312.94 -1.79% -2.97% $782 208 393 376 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 65.6% 74 $3 057.90 -4.13% -4.99% $364 557 204 266 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000957 0.03% 0.07% $78 389 539 616 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 71.6% 61 $454.95 -4.03% -0.74% $75 119 228 033 BNB 7 days price change
5 Cardano (ADA) ADA Cardano predictions 71.2% 51 $1.37 -11.53% 13.83% $45 869 836 376 ADA 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 90.8% 1 $0.999548 -0.04% -0.05% $45 742 193 035 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 62.8% 81 $134.45 -3.98% -3.06% $42 237 959 711 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 66.8% 64 $0.728701 -3.80% -4.17% $34 732 162 139 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 69.6% 57 $76.09 -1.12% 0.67% $27 219 693 512 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 72% 51 $23.84 -5.97% -7.36% $23 544 579 275 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 77.6% 46 $0.160728 -5.76% 5.59% $21 323 857 260 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 62.4% 79 $81.61 -6.07% -9.81% $19 942 092 907 AVAX 7 days price change
13 SHIBA INU (SHIB) SHIB SHIBA INU predictions 68.8% 63 $0.000027 -4.93% -3.67% $15 025 615 032 SHIB 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 69.2% 59 $2.02 -8.18% -12.60% $14 789 690 265 MATIC 7 days price change
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $0.999731 -0.10% -0.13% $14 211 573 940 BUSD 7 days price change

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