Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $11,346.81 (-3.66%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $433.7 (-7.97%), while XRP has dropped by 7.75% and is now trading at $0.271.
FxPro's team of analysts say:
"After several attempts to grow and some slight corrections, the crypto market has plunged into a sell-off that has resulted in the market capitalization losing $17B in a single day. Almost all the currencies on the top 100 are in red. Today, Bitcoin has lost almost 5% of its value and is currently trading at around $11,300. As a result, the support area at around $11,500 is broken, however, buyers might still start buying as the situation in the stock markets is moderately positive.
Could Bitcoin fall even further, dragging the rest of the market with it? The greed and fear index for Bitcoin and the larger cryptocurrencies says yes. The indicator remains stable in the 'extreme greed' area, indicating the prospect of a settlement. Judging by recent events, the index should be taken into consideration.
On the contrary, and against all odds, DeFi cryptos, which have recently posted impressive movements, remain quite stable. Thus, UMA has posted an increase of almost 11% in one day, while yearn.finance (YFI), which everyone expected to fall, has grown by 1% to $31,000."
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 $372,218,951,042.
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