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||62.4%||76||$23 195.66||-1.29%||-1.50%||$447 262 989 624|
|2||ETH||Ethereum predictions||69.2%||57||$1 649.37||-2.09%||2.18%||$201 839 732 133|
|3||USDT||Tether predictions||91.2%||1||$1.000217||0.01%||0%||$68 079 422 781|
|4||BNB||Binance Coin predictions||79.6%||38||$328.36||-0.90%||4.32%||$51 848 565 385|
|5||USDC||USD Coin predictions||93.2%||1||$0.999942||-0.01%||-0.03%||$41 988 565 849|
|6||XRP||XRP predictions||74.8%||42||$0.404201||-2.02%||-1.97%||$20 533 036 252|
|7||BUSD||Binance USD predictions||91.6%||1||$0.999723||-0.07%||-0.02%||$16 253 765 776|
|8||ADA||Cardano predictions||69.2%||64||$0.393348||-2.60%||1.16%||$13 613 460 494|
|9||DOGE||Dogecoin predictions||74.8%||51||$0.092617||-1.65%||3.10%||$12 287 566 308|
|10||MATIC||Polygon predictions||68%||67||$1.21||-2.86%||1.52%||$10 591 629 612|
|11||STETH||Lido stETH predictions||92.4%||1||$2 941.39||-0.40%||-3.32%||$10 258 752 564|
|12||SOL||Solana predictions||56.8%||86||$23.67||-4.58%||-3.57%||$8 819 921 992|
|13||SHIB||SHIBA INU predictions||67.6%||73||$0.000014||1.35%||19.81%||$7 914 712 336|
|14||DOT||Polkadot predictions||67.2%||66||$6.70||-4.41%||1.44%||$7 726 491 964|
|15||HEX||HEX predictions||70%||60||$0.041030||-11.76%||52.80%||$7 114 999 412|
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