Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,497.69 (-0.07%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $269.68 (+2.72%), while XRP has jumped by 0.65% and is now trading at $0.203.
FxPro's team of analysts say:
"Bitcoin has consolidated around $9,500, showing price stability and a steady trading volume of $17B over the last day. Meanwhile, the Bitcoin dominance index has fallen 1 point during the week to 61.4%. The increase in the popularity of altcoins is seen as a positive sign for the prospects of the cryptocurrency market. The last time the index reached the current values was back in December 2017, a spectacular month for cryptos. A continued downward trend in the index will reflect increasing demand from retailers, as institutions invest mainly in the cryptos with the highest market caps, using the existing infrastructure for them. This infrastructure will apparently grow, as it has recently been known the United States Treasury has allowed commercial banks to store cryptocurrencies.
There are different opinions about this in the crypto world. The Winklevoss brothers are optimistic, as they believe the Fed is creating an excellent environment for cryptos through incentives. Investors will be able to store their digital currencies in the same banking space along with other assets."
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 $284,662,955,807.
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