Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,194.6 (-2.1%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $237.18 (-3.62%), while XRP has dropped by 4.77% and is now trading at $0.194.
FxPro's team of analysts say:
"The recent growth experienced by the crypto market has been replaced by increased pressure after a reversal of sentiment in traditional markets. Most altcoins are in red. Bitcoin has lost more than 2% of its value over the last 24 hours and is currently trading at around $9,200. It must be noted the cryptocurrency has been in a lateral trend since May. In addition, during this period there has been a drop in trading volumes, which since May 1 have decreased by around 73%. The statistics of the past few months show no evidence of a basis for a strong growth of Bitcoin, while the possibility of the crypto growing to $100,000 (in 2017, some people even said the crypto would jump to $500,000) is really remote. However, it is much easier to imagine the formation of certain conditions that would lead to the fall of the crypto, for example, if we combine the current lateral trend with a decrease in trading volumes, a correction in the stock market and the fact that miners are giving up their activity.
Of course, as with stock market growth, cryptos could also experience positive spikes, but the many failed attempts to reach $10,000 have already convinced investors that in the short term, Bitcoin does not seem to have sufficient momentum to keep growing. It is only a matter of time before the market begins to balance out."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $268,925,081,660.
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