Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,296.98 (-9.32%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $384.6 (-11.34%), while XRP has dropped by 8.01% and is now trading at $0.249.
FxPro's team of analysts say:
"Bitcoin has collapsed to $10,000 on Friday morning. However, thanks to the slight recovery of the past few hours, the crypto has managed to reduce the drop to 9% and is currently trading at around $10,300. The collapse of the Bitcoin price has coincided with a 23% increase in trading volumes, which has further consolidated the downward trend.
The greed and fear index for Bitcoin and the main altcoins has fallen 39 points after spending quite some time in the 'greed' area, now being in the 'fear' area. It should be noted the indicator has perfectly reflected the situation in the crypto market without succumbing to the influence of minor corrections. Altcoins have been dragged by Bitcoin, so the trading volume in the stablecoin Tether (USDT) network has increased (+17%) as expected.
The effect of the correction has been mitigated to some extent by the transfer of funds to stablecoins, which are usually the ones that help compensate for market declines. Unlike what happened back in 2017, when most investors simply withdrew their funds from the market, investors now can move them to stablecoins while they wait for the storm to subside."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $335,083,206,997.
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