Bitcoin
BTC$48 023.28

-0.71%

Ethereum
ETH$3 563.80

-1.89%

Cardano
ADA$2.42

-2.23%

Binance Coin
BNB$421.22

-2.55%

Tether
USDT$1.000499

0.02%

XRP
XRP$1.093567

-2.51%

Without confirmation from BTC, altcoin’s growth could be a trap


10 Sep 2021   #Bitcoin

Bitcoin remains under moderate pressure on Thursday, trading near $46.3K, down 12.5% from Tuesday’s peak. Meanwhile, the total capitalisation of the crypto market has surpassed $2.1 trillion this morning. Overall, the trend of bitcoin’s share of the crypto market remains down, except for a brief period when altcoins collapsed following the first cryptocurrency. Bitcoin’s share of total capitalisation fell to 40.8%, the lowest since May when an altcoin sell-off temporarily reversed the trend.

A repeat of the same scenario is to be feared this time as well. The fall in bitcoin’s share caused by its falling price rather than outpacing the rise in altcoins has repeatedly turned into a massive surrender by buyers.

We saw the most striking example of this pattern in late 2017, when BTC turned down in mid-December, its share dropping to less than a third in the following month. The trend then reversed, and altcoins found themselves under a prolonged sell-off. Many of the then-existing altcoins are still an impressive distance from the record levels of January 2018.

BTC\USD Daily Chart

The most favourable environment for the crypto market is bitcoin rising at a slower pace than altcoins. A fall in the price of the market flagship risks a sharp sell-off in altcoins as early as September.

And in this case, the technical picture in BTCUSD is worth paying particular attention to. The price touched 43K during Tuesday’s sell-off, where the 50-day and 200-day simple moving averages intersect, and the fight for these levels is far from over. If Bitcoin manages to stay above those levels by the end of the week, the chances of buyers coming in on the downside will increase considerably, which would pull the price up. In that case, the altcoin position could recover even faster, and there will be a more significant reason behind the current rise.

If BTCUSD falls below its key moving averages, it could trigger a new crypto-winter, repeating the situation from May 2018. Back then, BTC lost more than 60% in the next seven months after falling under the same averages and managed to return to those levels a year later. In our case, this could escalate into BTCUSD falling into the $22-28K area, rewriting last summer’s lows.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap Volume 24h
1 Bitcoin (BTC) BTC Bitcoin predictions 83.6% 24 $48 023.28 -0.71% 3.44% $903 705 648 774 $30 868 405 829
2 Ethereum (ETH) ETH Ethereum predictions 71.6% 52 $3 563.80 -1.89% 4.12% $418 950 530 113 $18 493 669 977
3 Cardano (ADA) ADA Cardano predictions 66% 64 $2.42 -2.23% -3.43% $77 683 489 177 $3 095 901 217
4 Binance Coin (BNB) BNB Binance Coin predictions 68.4% 70 $421.22 -2.55% -0.83% $70 821 892 729 $1 657 577 581
5 Tether (USDT) USDT Tether predictions 96% 1 $1.000499 0.02% 0.05% $68 288 037 795 $74 172 515 331
6 XRP (XRP) XRP XRP predictions 71.2% 56 $1.093567 -2.51% -3.05% $50 984 520 461 $3 018 193 479
7 Solana (SOL) SOL Solana predictions 57.2% 89 $146.88 -7.34% -21.00% $43 597 219 268 $3 263 512 936
8 Polkadot (DOT) DOT Polkadot predictions 63.2% 83 $36.36 1.92% 15.42% $35 909 826 746 $2 318 625 572
9 Dogecoin (DOGE) DOGE Dogecoin predictions 66.4% 65 $0.254974 3.69% 0.76% $33 480 789 211 $1 873 594 606
10 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000186 0.02% 0.01% $29 230 519 112 $2 845 039 489
11 UniSwap (UNI) UNI UniSwap predictions 68.8% 56 $25.82 -4.67% 9.72% $15 791 177 382 $595 594 004
12 Terra (LUNA) LUNA Terra predictions 68% 67 $36.20 -0.80% 12.70% $14 549 248 511 $1 555 371 086
13 Avalanche (AVAX) AVAX Avalanche predictions 69.2% 69 $64.76 6.83% 48.17% $14 265 392 957 $2 603 032 868
14 Chainlink (LINK) LINK Chainlink predictions 74% 56 $29.85 -5.29% 4.13% $13 491 251 604 $1 523 058 445
15 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000197 0.01% 0.02% $12 747 342 580 $6 385 206 639

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