Bitcoin price has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $7,259.25 (-0.57%).
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $125.96 (-0.58%), while XRP has dropped by 0.51% and is now trading at $0.189.
According to CoinMarketCap’s ranking, 10 currencies on the top 10 are in red.
Experts are still discussing on the possible impact BTC halving might have on its price. For example, Meltem Demirors, chief strategist at investment company CoinShares, believes the emerging derivatives market will not allow Bitcoin price to rise after its halving, which is expected to happen in May:
"For the first time, there is a robust derivatives (futures, options) market for Bitcoin. Most firms looking to speculate on bitcoin will trade a derivative, not the underlying."
At the same time, Matt Yamamoto, an analyst at The Block, believes the halving will force miners to reduce costs and look for alternative ways to increase efficiency. Yamamoto thinks China will still generate most of the hast rate.
The BTC dominance index stays at 68.9%.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $191,151,795,742.
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