Bitcoin has started the first day of the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $57,833.91 (-0.57%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $2,043.42 (+0.06%), while XRP has jumped by 16.9% and is now trading at $0.702.
FxPro's team of analysts say:
"Over the weekend Bitcoin has not enjoyed any rally, and the crypto has fallen as low as $57,900 during the first day of the workweek. In a sense, the crypto community is not happy with the anemic dynamic in a narrow range, however, if no one wants to buy or sell, what is going to produce changes in the price of the cryptocurrency?
The investors' attention may now be diverted to the traditional market, where Joe Biden's government team is ready to further stimulate the country's economy. The support is now going to focus on infrastructure facilities, which has already led to positive momentum in the S&P 500. As you know, Bitcoin's correlation with the leading stock index continues to strengthen, but in this case, the crypto investors' attention has been focused on altcoins, where growth is much higher.
The Bitcoin dominance index keeps falling and is currently down to 65.5%. Overall, this is seen as a positive sign for the health of the crypto market. If we take a weekly period, then Bitcoin has experienced an increase of only 3.5%, while Ether has added almost 22%, breaking the psychological barrier of $2,000, while the newcomer to the top 3 Binance Coin has jumped by 27%."
According to CoinMarketCap’s ranking, 4 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,922,183,244,075.
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