Bitcoin has started the last day of the workweek posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $53,746.45 (+0.9%), according to CoinMarketCap. The price of the cryptocurrency has recently fallen to $50,000.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $1,640.02 (+2.4%), while XRP has jumped by 7.68% and is now trading at $0.541.
FxPro's team of analysts say:
"The last day of the workweek has proved to be quite challenging for Bitcoin and for the crypto market as a whole. The reference crypto has been under constant pressure from battles between buyers and sellers, resulting in highly multi-directional price movements. However, Bitcoin has fallen as low as $50,000, a level that has become a local low at which the cryptocurrency has started to receive support.
At the start of the last day of the workweek, Bitcoin is showing zero price dynamic and is trading at around $52,600, which could be considered a small victory for the optimists. The currency has managed to stay above an important psychological level, but the overall situation is frightening.
A decline to the last local low at $45,000 will be considered by market participants as a correction, not a trend reversal, however, as this level is approached, anxiety could grow. The crypto market has probably been supported by the recovery of the S&P 500, however, the traditional market can hardly be considered a stable factor to support digital currencies at this time. In the absence of internal factors driving growth, investors will be guided by what is happening in the broader market."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,666,628,465,728.
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