Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $9,140.67 (+0.07%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $225.9 (-0.64%), while XRP has dropped by 0.94% and is now trading at $0.175.
FxPro's team of analysts say:
"Bitcoin is still in a lateral trend and has shown very little change over the past 24 hours. Trading volumes also remain unchanged at $16B.
Under normal circumstances, this situation could be explained by the typical summer break, holidays and other harmless factors. However, hardly anyone is going on holiday abroad or is even able to take a few days off. The coronavirus epidemic keeps gaining momentum, a situation that is affecting both the stock and crypto markets.
If we consider the current situation, to which we must add the commercial and political war between some of the most powerful countries in the world, Bitcoin, which offers the possibility of transferring money with very low commissions, should have gained more acceptance. However, price volatility is preventing cryptos from being adopted by the masses. Thus, price stabilization could be the best weapon for Bitcoin. For instance, if the price were set at the current $9,000 for at least one year, it is very likely that Bitcoin would eventually become a competitor to the dollar, quickly reaching the valuable $1T capitalization."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $259,774,629,522.
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