Bitcoin has started the last day of the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $61,632.49 (-2.37%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,431.25 (-1.74%), while XRP has dropped by 3.83% and is now trading at $1.68.
FxPro's team of analysts say:
"Bitcoin has been falling over the past day to sit at the current $61,500 level. Investors seem to have taken a break from buying the reference crypto in anticipation of new triggers. Bitcoin accumulated a growth of more than 8% over the last week, while the top 10 altcoins recorded an even greater increase.
While Ether (ETH) is up 20% over the past week, none of the top cryptos is able to keep pace with the meme coin Dogecoin (DOGE), which has added 80% over the past 24 hours and 330% over the past week. Apparently, this price dynamic is a reflection of retail demand from non-professional investors who are psychologically comfortable buying a well-known crypto for several tens of cents.
Unfortunately, this kind of dynamic in a meme cryptocurrency in the midst of Bitcoin's anemic dynamic is an alarming sign for the crypto market as a whole, as it suggests that at this stage, after Coinbase's successful IPO, everyone who wanted to buy BTC has already done so.
Altcoins in general continue to grow due to inertial movement, but if buyers do not return to Bitcoin in the near future, the currency may once again struggle to stay above $60,000, which will end up having a much more negative impact on all altcoins."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $197,745,646,650.
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