Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $55,494.11(-5.55%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,939.93 (-4.57%), while Binance Coin has dropped by 4.87% and is now trading at $648,84.
FxPro's team of analysts say:
"Bitcoin has lost 7% over the past 24 hours and is currently trading at around $55,000. Meanwhile, Ether hit a new all-time high above $4,000 yesterday, after which it has staged several reversal attempts. Altcoins have pushed the total cryptocurrency market capitalization to $2.5 trillion, which has become a kind of threshold for market participants after which a large number of investors have started to sell their assets.
The DOGE token has become a kind of barometer of speculative excitement in the market, reaching new highs recently.
At the same time, Bitcoin has not shown the same pace of growth recently, trending rather downward. Now, the reference crypto has joined the general negative sentiment and has started to fall along with the whole market. The greed and fear index for Bitcoin and the largest cryptos has dropped by 9 points over the last day to 61, which corresponds with the 'greed' area, but very close to the 'neutral' area. Almost the entire market is in red territory, so while the retail sector has had its say at the end of the weekend, it is now the turn of institutional investors."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in red territory.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,418,713,405,719.
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