Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $7,760.43 (+0.16%), according to CoinMarketCap.
Chart of the USD/BTC trading pair
For its part, Ethereum has fallen to $196.71 (-0.08%), while XRP has grown by 0.18% and is now trading at $0.198.
Popular crypto analyst Mati Greenspan has reported through his official Twitter account the annual inflation rate of the largest crypto in the market will fall by half after the crypto's halving scheduled for May 12.
FxPro's team of analysts say:
"Bitcoin is fluctuating around $7,800. The greed and fear index has grown by 1 point over the past 24 hours. The RSI index for the BTC/USD pair has dropped slightly after rising to 63 points. Altcoins are showing little changes. It looks like the crypto market has frozen before a new surge. The upcoming halving on the Bitcoin network is overshadowing all news related to the coronavirus epidemic. Participants in the crypto market believe the halving should have a positive effect on the Bitcoin price, even if this does not happen immediately.
The price of the reference crypto should increase due to a decrease in market supply, as part of the miners will stop mining the crypto after the decrease in the reward per mined block. This will increase the deficit of Bitcoin in the market, while the supply limit set in the crypto's algorithm should support the price of BTC in difficult times. At the moment, the best news for the crypto would be that it could reach $9,000 and, most importantly, maintain this level after the halving."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $222,790,971,304.
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