Bitcoin has started the week with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,729.91 (+0.62%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $244.13 (+0.77%), while XRP has grown by 0.02% and is now trading at $0.203.
Kraken analysts have recently released a report in which they state Bitcoin could drop to $6,000. According to experts, if the reference crypto manages to grow above $10,500, this could be the beginning of a new bullish cycle. However, if the crypto is unable to rise from the current levels, it could end up testing support at $6,200.
The authors of the report also highlight the number of unconfirmed Bitcoin transactions serves as a useful indicator of crypto volatility. As a general rule, market volatility tends to grow when there is an increase in the number of unconfirmed transactions.
FxPro's team of analysts say:
"BTC price has been hovering around $9,500-9,750 over the past 24 hours. Although this fluctuation in price has not been significant, the trading volume has increased by 37%. In addition, the daily charts show a trend towards an increase in the intraday lows, highlighting sales are falling.
Arcane Research has confirmed based on the Miner's Rolling Inventory miners have sold around 5% more currencies than they have mined since the halving in order to finance their operations. Small miners are being forced out of the market because the price of the crypto is less than $10,000, as their activity is not profitable at those levels. The situation is quite similar to that of the oil market, where participants have agreed to keep working at a loss in order to maintain their participation. However, this type of organization is difficult to achieve in the crypto mining market."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $276,488,136,022.
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