Price analysis
Price analysis 1/14: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin (BTC) and most major altcoins are facing selling at higher levels and buying on dips, indicating the possibility of a range formation. On-chain analysis firm Whalemap said that a “reclaim of $46,500 will look like a trend reversal,” for Bitcoin as the previous accumulation phase of 90,000 BTC was at this level. Fidelity Digital Assets said in its annual report that the “massive “ Bitcoin accumulation by Bitcoin miners suggests that the “Bitcoin cycle is far from over.” The report went on to add that more sovereign nations may “acquire Bitcoin in 2022 and perhaps even see a central bank make an acquisition.” Daily cryptocurrency market performance. Source: Coin360 Switzerland-based financial institution SEBA Bank CEO Guido Buehler said in a recent interview that if the right co...
Price analysis 1/12: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin (BTC) and most major altcoins appear to have started a relief rally. Glassnode data suggests that Bitcoin addresses with a non-zero balance have risen to about 40 million, indicating increasing adoption by retail traders. Edelman Financial Engines founder Ric Edelman said that the number of Americans owning Bitcoin could rise from 24% currently to one-third by 2022. He expects this to happen as “Bitcoin is becoming more and more mainstream. People are hearing about it everywhere — it isn’t going away.” Daily cryptocurrency market performance. Source: Coin360 The investors buying Bitcoin seem to be in it for the long haul if the outflows from major exchanges are any indication. CryptoQuant data shows outflows of 29,371 BTC on Jan. 11, the highest withdrawals since Sep. 10. Could the...
Top 5 cryptocurrencies to watch this week: BTC, LINK, ICP, LEO, ONE
Bitcoin (BTC) and most major altcoins remain under pressure as supports give way and bears sell at each rally attempt. This negative sentiment pulled the Crypto Fear & Greed Index to 10/100 on Jan. 8, one of its lowest readings ever. In comparison, 2021 had started on a bullish note with the reading hitting levels of 93/100, indicating “extreme greed.” This weak opening in the new year has not unnerved Bloomberg Intelligence analyst Mike McGlone who remains bullish. He said in a recent analysis that Bitcoin may rally to $100,000 and Ether (ETH) to $5,000 this year. Crypto market data daily view. Source: Coin360 However, some analysts argue that Bitcoin may struggle to maintain its bullish trend in an environment where interest rates are rising. Holger Zschaepitz questioned whether Bitc...
Price analysis 1/5: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, DOT, AVAX, DOGE
Bitcoin (BTC) and most major altcoins are stuck in a tight range with bulls buying near the support and bears selling at resistance levels. Usually, such tight ranges are followed by an expansion in volatility. Although a few analysts have not ruled out a quick drop to low $40,000s, most traders expect Bitcoin to rebound sharply and move up to $60,000. Goldman Sachs said in a note to investors that if Bitcoin continues to increase its market share over gold as a store of value and crosses the 50% mark, then it could rally to $100,000 over the next five years. Daily cryptocurrency market performance. Source: Coin360 On-chain analytics provider Glassnode said in its report on Monday that Bitcoin’s illiquid supply has increased to more than 76% of the total circulating supply. According to Gl...
Top 5 cryptocurrencies to watch in 2022: BTC, ETH, BNB, AVAX, MATIC
Bitcoin (BTC) witnessed a roller coaster ride in 2021 and even though BTC has corrected sharply from its all-time high at $69,000, the digital asset is still up by 60% year-to-date. During the same period, gold has dropped more than 5%. With inflation soaring in the United States and several other parts of the world, Bitcoin’s outperformance over gold shows that investors may be considering it to be a better hedge against inflation when compared to gold. During the year, the total crypto market capitalization surged to about $3 trillion, but Bitcoin’s dominance fell from about 70% at the start of the year to 40%. This shows that several altcoins have outperformed Bitcoin by a huge margin. Crypto market data daily view. Source: Coin360 As cryptocurrencies gain wider adoption, multiple...
Price analysis 1/3: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Bitcoin’s (BTC) price action has been uneventful in the first few days of the new year and it continues to languish below the psychological level at $50,000. The Crypto Fear and Greed Index is in the fear zone registering a value of 29/100. On-chain analytics resource Ecoinometrics said stages of extreme fear rarely remain for long, which means “there is a limited downside at 30 days.” Bitcoin continues to garner support from various quarters. Wharton School finance professor Jeremy Siegel said in an interview with CNBC that Bitcoin has replaced gold as an inflation hedge in the minds of Millennials. Daily cryptocurrency market performance. Source: Coin360 Savvy investors have been turning to Bitcoin to protect their portfolios against the possible debasement of fiat currencies. Hung...
Top 5 cryptocurrencies to watch this week: BTC, LUNA, FTM, ATOM, ONE
Bitcoin (BTC) continues to languish below the psychological level at $50,000 in the first few days of the New Year, indicating a lack of aggressive buying by traders. Former BTCC CEO Bobby Lee said the exodus of the Chinese traders who had until Dec. 31 to exit Chinese exchanges may have kept prices lower into the year-end. However, President Nayib Bukele of El Salvador, the first country to adopt Bitcoin as legal tender, believes that Bitcoin could rally to $100,000 this year. President Bukele also said that two more countries will accept Bitcoin as legal tender in 2022. Crypto market data daily view. Source: Coin360 The increased crypto adoption by institutional investors in 2021 is another long-term positive. According to CoinShares, net inflows into crypto funds in 2021 were more than ...
Price analysis 12/31: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Bitcoin (BTC) and most major altcoins are attempting a rebound off their respective support levels, indicating that buyers continue to accumulate on dips. Data from Coinglass shows that 9,925 Bitcoin left Coinbase Pro, the professional trading arm of Coinbase, on Dec. 30, a possible sign of institutional buying. This is in sharp contrast to the strong inflows seen in Binance and OKEx. Several analysts believe that institutional buying could pick up in January. Economist and trader Alex Krüger expects a Bitcoin rally in early January based on fund flows. He also highlighted that January has produced positive results for Bitcoin between 2018 and 2021, with gains ranging from 7% to 36%. Daily cryptocurrency market performance. Source: Coin360 While investors debate about the next possible dir...
Bitcoin price fell short of analysts’ $100K target, but what about 2022?
Bitcoin (BTC) is likely to end 2021 well below analysts’ target projections of $100,000. Kraken CEO Jesse Powell, who had also projected a $100,000 price target for Bitcoin, still remains bullish in the long term, but he does not rule out a sharp drop in the short term. One of the negatives that may add pressure to Bitcoin in the short term is the shift in the United States Federal Reserve’s monetary policy. On Dec. 15, the Fed announced that it would wind down its bond-buying program at a faster pace, and it also projected three interest rate hikes in 2022. Crypto market data daily view. Source: Coin360 Sam Stovall, chief investment strategist of CFRA Research, told CNBC that historically, the S&P 500 tends to post negative returns in the 12-month period when the Fed undert...
Price analysis 12/29: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
The S&P 500 is trading near its all-time high but Bitcoin (BTC) has plunged about 30% from its all-time high at $69,000. Even after the sharp drop, Bitcoin is up 63%, year-to-date, outperforming the S&P 500, which is up about 30% in 2021. Gold, which is popular as a hedge against inflation, is down roughly 7% this year. Arcane research said in its report that Bitcoin’s outperformance in the high inflationary environment shows that “Bitcoin has proven itself to be an excellent inflation hedge.” Daily cryptocurrency market performance. Source: Coin360 Real Vision CEO Raoul Pal said in an interview with Vlad from The Stakeborg Talks that the recent selling in Bitcoin may have been due to institutional investors booking profits but he believes the selling may be coming to an end. Howev...
Price analysis 12/27: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Bitcoin (BTC) and most major altcoins have bounced off their immediate support levels, indicating that the sentiment is improving and traders are buying on minor dips. Billionaire and Mexico’s third-richest person Ricardo Salinas Pliego said in his Christmas and New Year message to stay away from fiat money, terming it as “fake money made of paper lies.” Instead, he advised people to “invest in Bitcoin.” Veteran trader Peter Brandt warned that “chart pattern breakouts should be viewed with great suspicion” during the thinly traded holiday period in the last half of December. Daily cryptocurrency market performance. Source: Coin360 Analysts remain bullish for 2022. Crypto analyst and pseudonymous Twitter user DecodeJar believes that Bitcoin could surpass $100,000 and reach the conservative ...
Price analysis 12/24: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Bitcoin (BTC) bounced back above the psychological level at $50,000 and the S&P 500 hit a new all-time closing high on Dec. 23, suggesting that the panic selling caused due to the omicron variant is subsiding and the much-awaited “Santa rally” may have started. Data from on-chain analytics firm Glassnode shows that about 100,000 Bitcoin are going from “liquid” to “illiquid” state every month, which means that the coins are being sent to addresses “with little history of spending.” This suggests accumulation by investors. Daily cryptocurrency market performance. Source: Coin360 In another sign that investors are not dumping their coins on small corrections, data from CryptoRank shows that the total Bitcoin on crypto exchanges has dropped from 9.5% of the total Bitcoin supply in October ...
