Bitcoin has started the day posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $54,317.12 (-8.83%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $2,611,4 (+1.87%), while XRP has fallen by 5.39% and is now trading at $1.35.
FxPro's team of analysts say:
"Bitcoin has added 0.5% over the past 24 hours and is currently trading at around $54,000. This is an excellent result, given the magnitude of the correction experienced recently. Against this backdrop, Bitcoin's market cap has once again surpassed $1 trillion, while the total cryptocurrency market capitalization is approaching $2.1 trillion. The growth of the crypto market has been quite unexpected, given Tesla's stock selloff, which has dragged down the S&P 500. The reason for the dissatisfaction with Tesla is the fact that its executive team is 'lifting' indicators due to the profitable sale of Bitcoins.
Tesla has sold a portion of its Bitcoins for $272 million, clearly demonstrating large companies are not sentimental about cryptos. There is a more important precedent following the events of the last few months. Now, in the event of a sharp drop in the price of Bitcoin, companies that have actively invested in cryptos as part of the current bull rally will face significant pressure. It was hard to imagine, even in 2017, a scenario in which the value of the crypto market could be affected by a company with a physical business model."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,054,780,973,952.
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