Bitcoin has started the week posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $10,389.09 (-1.29%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $368.95 (-4.64%), while XRP has dropped by 2.58% and is now trading at $0.245.
Whalemap analysts have said large amounts of "unspent Bitcoins" are concentrated near the $10,570 and $11,288 marks, stored in wallets with a balance of more than 10,000 BTCs. Experts have explained:
"Bubbles [in the chart] show locations where unspent Bitcoins were accumulated. The larger the bubble, the more unspent bitcoins are located there. 'Unspent' means these Bitcoins have not been moved since they were 'inflowed' to a whale wallet."
It looks like in the short-term, the $10,570 and $11,288 levels will become levels that will prevent the growth of the Bitcoin price. Whales can start making profits at these levels with an upward movement. In addition, they can also sell their currencies at the specified breakeven levels if the price increase is replaced by a sharp decline.
FxPro's team of analysts say:
"Bitcoin tried to break the $10,500 barrier yesterday, however, it found downward pressure. The tug-of-war between bears and bulls has made it impossible for the crypto to take a clear direction, which is the reason why it posted a drop of almost 2% at the beginning of the workweek, at around $10,350.
The greed and fear index of Bitcoin and larger cryptocurrencies remains in the 'fear' area, accurately reflecting the mood of the crypto market participants. Now no one wants to make unnecessary moves, waiting for new triggers, both from the crypto market as well as from the traditional financial market.
The specific wave dynamics in terms of trading volumes deserves a special mention. Thus, on September 12, the trading volume on the Bitcoin network skyrocketed to $78B, levels that crypto has rarely reached, including the collapse of the crypto market in March. However, the chart has shown significantly smoother changes.
When Bitcoin hit its all-time high, trading volumes remained around $20B. The influence of institutional money in the crypto market is now so great that it is very likely to limit the possible growth of the currency to a great extent. However, the same money supports Bitcoin after collapses such as the March crash, when the market managed to recover very quickly."
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 $340,960,048,799.
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