Bitcoin has started the week posting losses. At press time, the largest cryptocurrency by market cap is trading at $9,808.01 (-1.86%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $251,17 (-7.21%), while XRP has dropped by 9.67% and is now trading at $0.283.
Cointelegraph analyst Michaël van de Poppe has said:
"The backward movement is already here. This is a severe reversal for some altcoins, however, it also opens up new possibilities. Although I doubt we'll ever reach $9,400."
FxPro's team of analysts say:
"Bitcoin's repeated unsuccessful attempts to break the $10,500 resistance level have resulted in the bears' victory. After falling below the psychological barrier of $10,000, buyers have tried to push the crypto above this mark, however, the momentum of the bulls has lost strength, which has made the reference cryptocurrency start the week with negative prospects.
For its part, the situation of the altcoins is even less encouraging. All currencies on the top 10 are falling by around 7-13%. Even though market participants might have thought at some point that altcoin prices were independent, the current situation clearly shows altcoin prices are linked to Bitcoin's.
The Bitcoin dominance index has jumped to 63.3%, while the greed and fear index has fallen sharply to the neutral zone after losing 10 points in just one day. The RSI has also fallen significantly from the overbought zone. In the near future, the inability to develop a reverse offensive could trigger a selloff to $9,500."
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 $282,083,453,470.
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