Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,989.97 (-0.23%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $319.4 (-0.45%), while XRP has grown by 0.61% and is now trading at $0.242.
FxPro's team of analysts say:
"Bitcoin is trying to hold on to the $11,000 threshold, however, it looks like bulls have lost momentum at the current level. The crypto is probably having a harder time maintaining a steady growth above $11,000 than when it grew above $10,000. However, market participants believe the current levels are quite high, so the lack of further growth could encourage them to cash out their gains. The price of Bitcoin has peaked at $11,400 in 2020, and its dynamic is now comparable to that of precious metals, which show either no change or a slight decline. The greed and fear index is in the 'extreme greed' area, which, according to the foundations of the index, indicates an imminent trend reversal, however, Bitcoin could register growth and be in a technical condition of overbuying.
The influx of institutional liquidity into the Bakkt platform (physically-delivered Bitcoin futures) has also helped push Bitcoin to recent highs. Thus, Bakkt has reported that on July 28, the number of contracts increased by 85% from the previous high to 11,506 BTCs. However, even if institutional liquidity seems to be good news, we must not forget large investors are not crypto enthusiasts and only want to make the highest possible profits thanks to volatility."
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 $323,913,286,693.
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