Bitcoin
BTC$37 097.04

-0.82%

Ethereum
ETH$2 019.04

-1.45%

Tether
USDT$1.000111

-0.01%

Binance Coin
BNB$227.76

-0.55%

XRP
XRP$0.603348

-0.85%

USD Coin
USDC$1.000026

0%

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 91.6% 8 $37 097.04 -0.82% -0.64% $725 437 085 348 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 73.6% 49 $2 019.04 -1.45% 0.43% $242 776 798 446 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 94.4% 1 $1.000111 -0.01% -0.02% $88 908 727 469 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 83.6% 28 $227.76 -0.55% -12.18% $34 550 632 059 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 74.4% 42 $0.603348 -0.85% -1.91% $32 470 391 190 XRP 7 days price change
6 USD Coin (USDC) USDC USD Coin predictions 96% 1 $1.000026 0% 0.01% $24 454 222 190 USDC 7 days price change
7 Solana (SOL) SOL Solana predictions 59.2% 87 $55.65 -0.84% -2.04% $23 564 558 713 SOL 7 days price change
8 Cardano (ADA) ADA Cardano predictions 68.8% 62 $0.373728 -3.13% -2.52% $13 191 951 930 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 75.2% 48 $0.077436 -3.25% 0.32% $10 996 813 709 DOGE 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 91.2% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 TRON (TRX) TRX TRON predictions 84.4% 27 $0.101882 -3.96% 0.25% $9 022 656 866 TRX 7 days price change
12 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 79.6% 30 $0.101336 -4.78% 0.31% $8 974 267 655 WTRX 7 days price change
13 Toncoin (TON) TON Toncoin predictions 78.8% 31 $2.45 3.78% 5.17% $8 403 396 761 TON 7 days price change
14 Chainlink (LINK) LINK Chainlink predictions 64% 69 $14.12 -2.71% -0.92% $7 863 012 004 LINK 7 days price change
15 Avalanche (AVAX) AVAX Avalanche predictions 60.4% 86 $19.93 -3.53% -5.56% $7 275 106 541 AVAX 7 days price change

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