Bitcoin has started the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $58,131.36 (-4.28%), according to CoinMarketCap. The price of the cryptocurrency has surpassed $60,000 over the weekend, even reaching $61,500.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $1,801.34 (-4.99%), while XRP has dropped by 4.41% and is now trading at $0.433.
FxPro's team of analysts say:
"Bitcoin reached a new all-time high of $61,500 on March 13, after which its price has started to undergo a slight correction. However, the decline has been extremely small given the magnitude of the growth. Over the past week, Bitcoin posted an 18% increase, and at the start of the new workweek, the reference crypto is trading near $60,000. The new US administration has approved a $1.9T stimulus plan, which has reignited expectations that this will lead to increased demand for crypto assets.
In previous times, the distribution of direct money to the population has been followed by significant growth spurts in cryptocurrencies. Now there is much more money in the world than addresses for investment, and in this context, Bitcoin is getting its support boost, recording new all-time highs also thanks to the inflow of funds as part of the diversification of portfolios of large investors. However, at some point, the market is still waiting for a large correction that could reveal institutional investors are not the same as crypto enthusiasts."
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 $1,749,707,103,213.
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