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Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $8,669.61 (-0.32%).

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $161.22 (-1.09%), while XRP has dropped by 3.05% and is now trading at $0.226.

According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.

FxPro's team of analysts say:

"It looks like investors have started to withdraw their profits after the recent rally. According to Whale Alert, during the early hours of January 16, 123,447 BTCs (around $1.1B) were transferred from one unknown wallet to another. In addition, a large number of cryptos are being transferred to exchanges, which shows that many traders are trying to sell their cryptoassets after the recent rebound. If this is the case, this would mean levels below $9,000 are enough for market participants. On the other hand, the BTC/USD pair has exceeded the 200 day average and remains above this level, which could indicate a change in trend.

As for altcoins, as expected, Bitcoin SV (-21%) is showing the sharpest drop after yesterday's spectacular increase. Other altcoins are suffering minor losses, however, their growth was also more modest. In this sense, the consolidation of prices seems to be one more stop after the recovery, and not necessarily a change of trend."

As for the market cap of all currencies listed in CoinMarketCap, it stays at $236,088,603,125.

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