Bitcoin
BTC$16 852.77

2.55%

Ethereum
ETH$1 266.18

4.49%

Tether
USDT$1.000017

0.03%

Binance Coin
BNB$298.76

-0.48%

USD Coin
USDC$1.000055

-0.01%

Binance USD
BUSD$0.999880

-0.06%

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

Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish
Bitcoin’s bottom might be below $15.5K, but data shows some traders turning bullish
Copy Trading Strategies: How to Start Successful Copy Trading
Copy Trading Strategies: How to Start Successful Copy Trading
Institutional investors are buying through crypto winter
Institutional investors are buying through crypto winter
How Much Will BTC Be Worth on October 9, 2024?
How Much Will BTC Be Worth on October 9, 2024?
Bitcoin's shy uptrend
Bitcoin's shy uptrend
Powell did not scare crypto
Powell did not scare crypto
Bitcoin completes consolidation in a triangle
Bitcoin completes consolidation in a triangle
Bitcoin Is Still Gold. Although Digital One
Bitcoin Is Still Gold. Although Digital One
The bogged-down crypto market
The bogged-down crypto market

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% 80 $16 852.77 2.55% 2.30% $323 923 421 031 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 64.8% 79 $1 266.18 4.49% 8.67% $154 947 418 189 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000017 0.03% 0.09% $65 363 780 655 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66.4% 67 $298.76 -0.48% 1.06% $47 792 407 642 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 91.6% 1 $1.000055 -0.01% -0.03% $43 346 832 925 USDC 7 days price change
6 Binance USD (BUSD) BUSD Binance USD predictions 91.6% 1 $0.999880 -0.06% -0.10% $22 212 697 671 BUSD 7 days price change
7 XRP (XRP) XRP XRP predictions 68.8% 66 $0.402106 2.36% 7.40% $20 221 918 560 XRP 7 days price change
8 Dogecoin (DOGE) DOGE Dogecoin predictions 58.4% 85 $0.104799 2.62% 30.16% $13 903 805 939 DOGE 7 days price change
9 Cardano (ADA) ADA Cardano predictions 59.6% 81 $0.314657 1.78% 0.23% $10 837 423 067 ADA 7 days price change
10 Lido stETH (STETH) STETH Lido stETH predictions 95.6% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
11 Polygon (MATIC) MATIC Polygon predictions 63.6% 72 $0.869077 4.13% 2.07% $7 590 796 771 MATIC 7 days price change
12 Polkadot (DOT) DOT Polkadot predictions 69.6% 67 $5.40 2.14% 0.38% $6 152 484 918 DOT 7 days price change
13 Dai (DAI) DAI Dai predictions 90.8% 1 $0.999949 0.03% -0.07% $5 658 005 854 DAI 7 days price change
14 Litecoin (LTC) LTC Litecoin predictions 62% 74 $77.89 2.40% -0.98% $5 586 986 631 LTC 7 days price change
15 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 68.8% 66 $0.053915 0.72% 6.00% $5 481 830 604 WTRX 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.