Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $19,173.45 (-1.71%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $595.52 (-2.53%), while XRP has dropped by 5.79% and is now trading at $0.621.
FxPro's team of analysts say:
"Bitcoin has again reached an all-time high of $19,850 and then suffered a sharp correction to $18,450. The minimum for the day was around $18,350. This is not the first time Bitcoin has attempted to break through the $20,000 barrier, however, each time the crypto ends up facing a wave of profit withdrawal.
The repeated failure to break the $20,000 psychological and technical level, combined with the technical indicators of overbuying, can trigger a massive sale of Bitcoins. In addition, altcoins would follow the Bitcoin trend, although in a much more aggressive way.
Altcoins in the top 100 are already experiencing a fairly steady decline. On the other hand, Bitcoin has lost 5% over the past 24 hours and is currently trading at around $18,600. The pressure of the bears on the reference crypto coincides with the growth of the stock market, gold and silver.
On the one hand, the downward pressure is not strong enough to trigger a large-scale correction. On the other hand, the attention of users is also limited by the psychological and technical level. It is obvious BTC is currently facing very strong turbulence, but how long will the currency be able to stay in the current levels without posting any growth? The quote 'what doesn't grow, ends up falling' would soon become a reality."
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 $569,823,995,604.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.