Bitcoin has started the week posting losses. At press time, the largest cryptocurrency by market cap is trading at $5,922.1 (-6.2%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $125.89 (-6.72%), while XRP has dropped by 4.9% and is now trading at $0.152.
FxPro's team of analysts say:
"Bitcoin has recently recovered to $6,800, a level from which it has started to fall again. Over the past 24 hours, Bitcoin has lost more than 6% of its value and is currently trading at around $5,900. All of the currencies on the top 10 are suffering similar losses. Currently, the number of sellers in the crypto market is higher than the number of buyers due to the fact that traditional markets are still experiencing large sales. The Bitcoin greed and fear index is in the 'extreme fear' zone, showing no improvement even after the recent market rally.
Fears related to the coronavirus epidemic and its consequences for the global economy may put pressure on cryptos. In many respects, cryptocurrencies are an 'asset,' so as fears about the coronavirus diminish, cryptos' prices will begin to move in line with other factors, such as Bitcoin's halving scheduled for May. This combination is probably necessary so that Bitcoin can recover its usual price dynamic."
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 $166,812,581,166.
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