Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $6,917.01 (-4%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $174.22 (-5.23%), while XRP has dropped by 4.39% and is now trading at $0.184.
FxPro's team of analysts say:
"Bitcoin has lost more than 4% of its value over the past 24 hours and is currently trading at around $6,900. However, we are not talking about a sell-off, what can confirmed by the purchases that have taken place right after the crypto has fallen below $6,900. For their part, altcoins on the top 10 are falling by 4-7%, emulating this way the price dynamic of the reference crypto.
It looks like $6,500 has become a new support in April. However, this level was considered a resistance in late March. All market participants are paying all their attention to the development of the coronavirus epidemic and the reaction of central banks. Since institutional investors are increasingly influential in the crypto market, these developments will have a great impact on digital currencies."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $199,658,706,444.
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