Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,110.53 (-1.31%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $227.09 (-1.35%), while XRP has dropped by 0.78% and is now trading at $0.175.
FxPro's team of analysts say:
"Bitcoin is trading at around $9,100 after losing approximately 1% of its value over the last day. From a technical analysis point of view, it must be noted the crypto yesterday fell below the 50-day average. However, it managed to avoid a sell-off.
The next important point in the crypto's downward trend may be the 200-day average, which now stands at $8,300. If this does not happen, BTC could find itself in a more favorable scenario that could attract new buyers.
The lack of interest among market participants is reflected in the reduction of trading volumes. According to CoinMarketCap, these remain at around $16B. Based on BitcoinTradeVolume data, the actual daily trading volume of Bitcoin is just $883M. If we consider BTC is the largest crypto in the market, with a market cap several times larger than the total capitalization of the top 10 altcoins, it is not too difficult to imagine how low the trading volume of these currencies actually is.
The relatively small size of the market makes it extremely vulnerable to the influence of small groups of large investors, something that might become obvious more than once in the future."
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 $260,084,718,378.
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