Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $18,170.25 (-5.25%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $546.15 (-7.75%), while XRP has dropped by 10.27% and is now trading at $0.543.
FxPro's team of analysts say:
"Bitcoin has lost 5% over the last 24 hours and is currently trading at around $18,200. Without waiting for a growth momentum to develop, bears have started a Bitcoin sale that has been followed by the rest of the crypto market. The altcoins on the top 10 posted falls of between 6% and 10%, while the total market cap lost $30B in just one day.
Another alarming sign for BTC has been the increase in its trading volume, which has jumped from $10B to $35B coinciding with the fall in prices, which makes the mood more prone to a correction. This might take the currency to $17K however, the process itself will be divided into several stages.
However, it is expected that this will eventually happen as, technically, Bitcoin has been overbought for too long, unable to register continued growth around the $20,000 mark. It is unlikely that we will now witness a process similar to that of late 2017, when the BTC bubble burst. We are now talking about the usual market phases.
The greed and fear index for Bitcoin and the largest cryptos has lost 9 points over the past 24 hours to 86. However, it still remains in the 'extreme greed' area, which is the reason why a continuation of the correction is likely, where market participants will have to convert past resistance levels into support levels."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $535,455,219,202.
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