Bitcoin
BTC$38 877.56

-7.74%

Ethereum
ETH$2 846.65

-9.53%

Tether
USDT$1.000201

-0.01%

Binance Coin
BNB$426.69

-8.19%

USD Coin
USDC$0.999831

0%

Cardano
ADA$1.22

-9.99%

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.


Related

Two key Bitcoin trading indicators suggest BTC is ready for a 62% upside move
Two key Bitcoin trading indicators suggest BTC is ready for a 62% upside move
Bitcoin as crypto safe haven now
Bitcoin as crypto safe haven now
Bitcoin stays in tight range as analyst eyes potential interesting week in BTC
Bitcoin stays in tight range as analyst eyes potential interesting week in BTC
Cryptomarket changing landscape
Cryptomarket changing landscape
Cryptocurrencies rebounded as part of a general downward trend
Cryptocurrencies rebounded as part of a general downward trend
Expert warns higher inflation could whip BTC price to $30K
Expert warns higher inflation could whip BTC price to $30K
Bitcoin continued its downward trend
Bitcoin continued its downward trend
Trade For More, with multiple fees slashed to zero on all crypto CFDs
Trade For More, with multiple fees slashed to zero on all crypto CFDs
Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last
Bitcoin reaches for $47K as analysts agree BTC price consolidation cannot last

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 70% 62 $38 877.56 -7.74% -7.67% $736 181 998 656 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 63.2% 78 $2 846.65 -9.53% -11.39% $339 462 913 103 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000201 -0.01% -0.02% $78 290 326 799 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 69.6% 56 $426.69 -8.19% -9.55% $70 454 015 232 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.8% 1 $0.999831 0% 0.01% $42 379 408 068 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 72.8% 49 $1.22 -9.99% -1.49% $40 782 615 526 ADA 7 days price change
7 Solana (SOL) SOL Solana predictions 60.4% 87 $121.85 -11.55% -15.01% $38 324 736 333 SOL 7 days price change
8 XRP (XRP) XRP XRP predictions 72.4% 59 $0.687990 -7.42% -9.37% $32 791 736 353 XRP 7 days price change
9 Terra (LUNA) LUNA Terra predictions 72.4% 58 $75.94 -7.53% -1.95% $27 064 805 569 LUNA 7 days price change
10 Polkadot (DOT) DOT Polkadot predictions 76.4% 48 $22.32 -9.11% -15.35% $22 041 526 314 DOT 7 days price change
11 Dogecoin (DOGE) DOGE Dogecoin predictions 76.4% 50 $0.153582 -6.90% -18.71% $20 375 859 355 DOGE 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 62.4% 77 $75.42 -11.29% -14.66% $18 427 649 915 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 94.4% 1 $1.000463 0.19% 0.09% $14 239 613 244 BUSD 7 days price change
14 SHIBA INU (SHIB) SHIB SHIBA INU predictions 66% 68 $0.000026 -8.11% -16.56% $14 062 977 878 SHIB 7 days price change
15 Polygon (MATIC) MATIC Polygon predictions 67.6% 62 $1.88 -10.07% -15.01% $13 961 640 892 MATIC 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.