Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $11,391.54 (-0.06%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $378.92 (-0.85%), while XRP has dropped by 2.44% and is now trading at $0.249.
FxPro's team of analysts say:
"Bitcoin is still in the consolidation phase after holding around $11,400 during the last 24 hours. In spite of the lack of movement in recent days, the reference crypto has posted a growth of 7% during the week and its capitalization has increased by $14B.
According to Fidelity Investments, the current capitalization figures can be considered as 'a drop in the ocean,' suggesting that the crypto could reach with relative ease a capitalization of $500B if at least a small part of the $50B bond market invests in the currency. The institutional investors' share of the market will eventually grow.
So far, Bitcoin, even with its extreme volatility, is an asset that generates significant returns. Since the beginning of 2020, its price has jumped by 58%. And after the March crash, the currency was quickly bought back, highlighting the high unrealized buying potential of Bitcoin in particular and the crypto market in general.
Now crypto market participants agree that the next upward cycle will start with a combination of significant growth in demand from institutional investors as well as retail investors in an effort to preserve and increase their savings during the decline in returns on traditional assets."
According to CoinMarketCap’s ranking, 2 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $360,844,370,009.
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