Bitcoin has begun the week posting losses. At press time, the largest cryptocurrency by market cap is trading at $8,769 (-4.62%).
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $165.75 (-5.94%), while XRP has dropped by 6.02% and is now trading at $0.232.
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
FxPro's team of analysts say:
"Bulls have been unable to break the $9,000 barrier. Apparently, investors think this level is enough to withdraw their profits. Now, Bitcoin's main objetive is to stay above $8,500 to prove it can keep the growth trend.
Bitcoin price has been rising steadily over the past week after the return of investors from their New Year holidays and the launch of several new instruments for institutional investors. In addition, we have also witnessed an increase in demand for altcoins, which has made the Bitcoin dominance index fall. However, altcoins also started to fall at the end of the week.
Now, the most important thing for the market is to go through a consolidation process. If cryptos manage to survive without suffering major sales, they will probably regain boost."
As for the market cap of all currencies listed in CoinMarketCap, it stays at $237,729,161,984.
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