Bitcoin
BTC$28 532.89

-0.14%

Ethereum
ETH$1 824.10

-0.20%

Tether
USDT$1.000316

0.02%

Binance Coin
BNB$315.64

-0.57%

USD Coin
USDC$0.999876

0%

XRP
XRP$0.511375

-5.49%

The lack of desperation in crypto for a real rally


01 Jun 2022

#Bitcoin

Bitcoin slowed late Tuesday afternoon, retreating from local highs near $32.3K to $31.5K. Ethereum has lost 2.5% in the past 24 hours to $1930. Other altcoins in the top 10 are losing between 0.3% (BNB) and a 6.5% increase (Cardano) over the day. Total cryptocurrency market capitalisation, according to CoinMarketCap, declined by 1.3% overnight to $1.30 trillion. Bitcoin’s dominance index rose another 0.3% to 46.3%. The cryptocurrency fear and greed index were up 1 point to 17 by Wednesday but still in “extreme fear”.

Bitcoin updated three-week highs above $32,300 on Tuesday, continuing the previous day’s rising momentum. According to CoinShares, institutional investors invested $87 million in crypto funds last week, reaching $0.52 billion since the start of the year. Glassnode notes that most HODLers continue to build up their positions in bitcoin.

A possible signal of the end of the bear market could be the capitulation of long-term investors, who sold BTC last week at an average loss of 27% compared to the quotes at the time of purchase. The crypto market is still full of optimists, while a real bull market is more likely to sprout from despair or oblivion.

The lack of desperation in crypto for a real rally

We saw despair in March 2020 and an example of oblivion - more than a year of decline since the December 2017 peaks. It has now been half as long, so we should be prepared to see a rally in a falling market in the coming months, but not a repeat of the October 2020 to April 2021 rise. Bitcoin ended May down 17.1%, failing to live up to historical trends indicating a relatively successful month. The crypto market was adversely affected by the collapse of the Terra ecosystem. According to Glassnode, Luna Foundation Guard sold 80,081 BTC in May to support the UST stablecoin. In terms of seasonality, June is considered a relative success for BTC.

Over the past 11 years, bitcoin has ended the month up seven times and down four. The average rise was 16.7%, and the average drop was 11.3%. In the first case, BTC could end June at around $37,000, recouping almost all of May’s decline, while in the second, it could end June at near $28,200.


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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 61.2% 79 $28 532.89 -0.14% 3.93% $551 670 149 541 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 68.8% 61 $1 824.10 -0.20% 4.92% $219 727 600 320 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000316 0.02% -0.05% $79 719 012 525 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 74.4% 55 $315.64 -0.57% -2.11% $49 835 690 238 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.8% 2 $0.999876 0% 0.01% $32 523 408 102 USDC 7 days price change
6 XRP (XRP) XRP XRP predictions 61.2% 82 $0.511375 -5.49% 14.38% $26 426 923 668 XRP 7 days price change
7 HEX (HEX) HEX HEX predictions 64.8% 68 $0.079733 -11.69% -4.21% $13 826 597 050 HEX 7 days price change
8 Cardano (ADA) ADA Cardano predictions 76.8% 41 $0.395366 -1.54% 12.31% $13 736 058 748 ADA 7 days price change
9 Dogecoin (DOGE) DOGE Dogecoin predictions 82% 23 $0.082097 6.31% 11.45% $11 392 170 316 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 Polygon (MATIC) MATIC Polygon predictions 84.8% 26 $1.12 -0.51% 3.83% $10 126 762 079 MATIC 7 days price change
12 Solana (SOL) SOL Solana predictions 79.2% 36 $21.17 -1.11% 3.92% $8 163 446 069 SOL 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 93.2% 1 $0.999556 -0.03% -0.01% $7 553 833 722 BUSD 7 days price change
14 Polkadot (DOT) DOT Polkadot predictions 83.6% 28 $6.34 0.07% 7.60% $7 432 742 823 DOT 7 days price change
15 Litecoin (LTC) LTC Litecoin predictions 71.6% 50 $92.91 3.13% 1.69% $6 746 413 734 LTC 7 days price change

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