Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $9,758.58 (-1.87%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $219.37 (-1.92%), while XRP has dropped by 2.2% and is now trading at $0.269.
FxPro's team of analysts say:
"Bitcoin has lost around 2.5% of its value over the past 24 hours and is currently trading at about $9,750. Meanwhile, the greed and fear index has fallen to 52 points to the level of 'neutral'. The Relative Strength Index (RSI) was at the overbought level when the crypto jumped above $10,000 on February 9, confirming this way the current price movements have a technical basis. The Bitcoin dominance index keeps posting minor losses and currently stands at 63.4%.
The current situation in the market cannot be considered as good or bad. On the one hand, sales could be much stronger. On the other hand, if the current decline extends over time, the crypto might start to break several support levels.
It looks like both Bitcoin and the other altcoins are going through a consolidation process after the recent rally. If the market is able to consolidate at the current levels, we may witness new growth, as total market cap still registers a $64B increase."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $280,472,389,947.
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