Bitcoin has started the day registering gains. At press time, the largest cryptocurrency by market cap is trading at $31,497.61 (+0.39%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $1,281.32 (-2.46%), while XRP has dropped by 1.08% and is now trading at $0.262.
FxPro's team of analysts say:
"Bitcoin is facing a new bearish trend after unsuccessfully trying to break above $35,000. Over the past 24 hours, the reference cryptocurrency has lost over 1% of its value and is currently trading at around $31,500. The cryptocurrency needs new triggers, however, so far the news backdrop is not strong enough to bring the crypto back to the growth path.
From time to time, cryptocurrency-focused media publish news about new small investments from the companies that actively took part in creating the conditions for the rally experienced at the end of 2020. Recently, it has been known that some major US universities, including Harvard and Yale, have invested in Bitcoin.
However, these triggers are not being able to drive growth. Most likely, the next boost could be triggered by a favorable attitude toward Bitcoin and other cryptocurrencies from leaders of the new White House administration. However, so far, senior officials are making mixed statements."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $933,797,873,290.
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