Bitcoin has started the week with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $47,512.21 (-2.83%), according to CoinMarketCap. The price of Bitcoin has reached over $49,000 over the weekend.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $1,762.31 (-4.05%), while XRP has dropped by 7.64% and is now trading at $0.563.
FxPro's team of analysts say:
"At the start of the new workweek, Bitcoin has lost 1% of its value and is currently trading at around $47,000. On February 14, the benchmark cryptocurrency tested $49,000, however, it only managed to grow to $49,700, a level at which corrective pressure began. Sellers are not showing much strength either, as most market participants still expect the crypto to test $50,000 or higher levels.
The growth recorded by altcoins over the weekend has eclipsed Bitcoin. Almost all altcoins, including second-tier cryptos, have experienced a sharp jump. However, at the start of the workweek, these have begun a corrective pullback.
The total market capitalization is up to $1.4T. We can assume we are now seeing a mobilization of buyers who believe Bitcoin is already too expensive to invest in, but think that most altcoins have not yet reached all-time highs. Given the fact that Bitcoin has made several all-time highs recently, leaving the 2017 record well behind, retail investors could develop a rally in altcoins in the near future. The fact that Bitcoin continues to grow safely beyond $50,000 will convince market participants that altcoins can still grow further."
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 $1,448,687,138,009.
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