Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $11,410.41 (-0.53%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $381.29 (-0.56%), while XRP has dropped by 1.37% and is now trading at $0.254.
FxPro's team of analysts say:
"Bitcoin has lost less than 1% over the past 24 hours and is currently trading at $11,400, remaining within the $11,300 to $11,600 price range. In the short term, Bitcoin needs to gain support above $11,500 in order to move towards $12,000.
Since the end of last week, the reference crypto has received positive impulses from news about investments in Bitcoin by institutional investors. First it was MicroStrategy with the purchase of $425M in Bitcoins, then Square with an investment of $50M, while yesterday it was known the asset management firm Stone Ridge has invested $115M in Bitcoin. While this news may change the course of events in the crypto market, the mere interest of these companies in the sector increases significantly the credibility of Bitcoin as a means of diversifying portfolios.
A price jump above $12,000 would be the best way to support the positive sentiment in the market and direct new investments towards Bitcoin. In the meantime, we can observe the process of consolidation of BTC close to occupied levels."
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 $361,549,215,698.
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