Bitcoin has started the day posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $10,741 (-1.17%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $355.79 (-0.39%), while XRP has grown by 0.07% and is now trading at $0.243.
FxPro's team of analysts say:
"Bitcoin has fallen by 2% over the past 24 hours and is currently trading at around $10,700. It must be noted this fall has coincided with a 23% increase in trading volumes to $58B. In spite of the recent failed attempt of Bitcoin to grow, Skew's co-founder and CEO Emmanuel Goh has said the crypto is currently less volatile than Tesla's shares and that it is actually quite difficult to find an asset with a more volatile price in the market. Bitcoin has lost about 7% since the beginning of the month, while Tesla shares have lost 15% of their value during the same period.
The greed and fear index for Bitcoin and the larger cryptos has increased several points to 45 in just one day, approaching the 'neutral' area. Now it is worth focusing on the fact that Bitcoin remains close to the upper limit of $10,000, demonstrating this way its stability above this technical and psychological level. Bears have spent two months trying unsuccessfully to push Bitcoin below this level.
Even though the phrase "what doesn't grow, falls" is perfectly applicable to cryptocurrencies in these conditions of global turbulence, the volatility of Bitcoin and cryptocurrencies in general is no longer perceived as something extraordinary."
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 $345,576,729,436.
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