Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $16,791.53 (+1.78%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $504.92 (-1.59%), while XRP has dropped by 0.18% and is now trading at $0.511.
FxPro's team of analysts say:
"Bitcoin has remained at around $17,300 during the last day, suffering almost no changes. Overall, this is good news for the crypto, as it could face significantly more downward pressure. Bears have tried to drag the price of the cryptocurrency down, and in fact have managed to get it to fall to $16,300. However, BTC has started to receive support from buyers soon after to reach $17,300.
It must be noted the trading volume of the crypto has remained high at around $60B. As a comparison, when Bitcoin reached its all-time high in December 2017, its trading volume barely reached $20B. At that time, fixed capital was retail and positions were only intended to buy, so the currency was able to quickly reach the $20B level and then fall just as quickly. Now we have a more balanced market with capital from multiple sources, which is the reason why prices could enjoy greater stability.
The greed and fear index has lost 7 points over the last day to 86, however, the indicator is still in the overbought area in the 'extreme greed' mode, which shows the currency is expected to receive more pressure from bears."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $500,797,394,601.
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