Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $9,195.01 $ (-3.83%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $240.43 (-7.07%), while XRP has dropped by 8.39% and is now trading at $0.243.
FxPro's team of analysts say:
"Bulls now have the chance to support Bitcoin as well as the rest of the market. If BTC falls below the $9,000 mark, this could trigger a trend reversal in the whole crypto market. In the event the reference crypto ends up falling below this level, bulls may lose all confidence in the digital asset.
For their part, altcoins have once again shown they are closely related to the reference crypto, as all currencies in the top 10 are posting losses of 7%-13%. At the same time, the Bitcoin dominance rate has jumped to 64.1%.
The main beneficiary of Bitcoin fall is the stablecoin Tether (USDT), which basically acts as a digital safe haven for crypto owners. During periods of sharp fluctuations, investors prefer to invest their funds in USDT.
The stock and gold markets are also going through difficult times: indices and the precious metal are falling."
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 $261,408,598,266.
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