Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $34,603.01 (-5.2%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $1,069.48 (-7.3%), while XRP has dropped by 3.5% and is now trading at $0.296.
FxPro's team of analysts say:
"Bitcoin has fallen by 4% over the past 24 hours and is currently trading at around $34,000 without showing a clear dynamic in any direction. Unable to recover growth, the benchmark crypto has started to consolidate around the levels previously occupied.
The state of the rally and the FOMO have not given Bitcoin time to consolidate important price lines after breaking the $30,000 barrier. The current consolidation could be quite prolonged according to the standards of the crypto market of the last few weeks.
However, we have witnessed how the asset has been able to reach $40,000, so all market participants are psychologically prepared to see growth up to $50,000, a level at which the currency is likely to find really strong resistance and even a possible trend reversal due to the profit taking of large players.
However, is the $50,000 limit in the current bullish cycle? That remains to be seen."
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 $938,456,212,024.
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