Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $31,203.2 (-2.02%), according to CoinMarketCap. The cryptocurrency has recently fallen below $30,000, however, it has managed to recover above that level.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $1,282.46 (-1.65%), while XRP has dropped by 2.97% and is now trading at $0.257.
FxPro's team of analysts say:
"Over the last day, Bitcoin has fallen again below $30,000, however, the currency has found the necessary strength to return to $32,000. Overall, however, the dynamic cannot be considered positive due to the fact that the currency is not fighting for $40,000 or even $35,000, but for the opportunity to stay above the threshold level and not suffer a reversal of the overall trend.
As a result, the reference crypto has experienced almost no changes over the past 24 hours, and is currently trading at around $31,000. The altcoins are completely mimicking the dynamic of the leading cryptocurrency. In this context, the total capitalization of cryptocurrencies is moving further and further away from $1T. At the moment, the figure stands at $940B.
Cryptocurrencies are declining along with the S&P 500, although in theory the Fed has only one option: to stimulate the economy. Large market participants are aware that all assets, including Bitcoin, are in a bubble".
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 $921,779,149,691.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.