Bitcoin has started the day posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $5,204.88 (-0.86%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $113.96 (-2.16%), while XRP has dropped by 1.45% and is now trading at $0.145.
FxPro's team of analysts say:
"Bitcoin is trading at around $5,200. Market participants are trying to analyze what has happened over the last few days, as trading volumes on the Bitcoin network (according to CoinMarketCap) do not reach almost $80B every day. As a comparison, when the price of the cryptocurrency reached its all-time high of $20,000, the daily trading volume reached $23B, which clearly shows the crypto market is experiencing global changes. This is not a surprise, as analysis shows more than 160,000 BTCs were transferred to exchanges on March 13, the largest increase in just one day since November 2017. In addition, 281,000 BTCs that had been out of the market for 30 days were sent back to it on March 11.
Now the market is wondering if it's time to buy, but it is not yet clear. Over the past 24 hours, the greed and fear index has risen 3 points but still remains in the 'extreme fear' zone.
The market now has a significant amount of funds that are looking for a protective asset under the current turbulent conditions. As far as cryptos are concerned, stablecoins have become such an asset. And this can be considered a great achievement for the market, since finding an asset of this type in the traditional market is really difficult."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $149,708,991,470.
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