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 $50,039.48 (-1.33%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,873.25 (-2.47%), while Binance Coin has lost 4.32% and is now trading at $595.36.
FxPro's team of analysts say:
"Bitcoin has lost about 3% of its value over the past 24 hours and is currently trading at around $49,300. Today, the reference crypto shows a 12% weekly decline, likely due to market participants' dramatic reaction to the 'Elon Musk betrayal.' The Tesla CEO is hinting at the possibility of using another 'greener' cryptocurrency. Of course, everyone understands that we are talking about Dogecoin, which, against a background of decline in the rest of the market, has added almost 18% during the last 24 hours alone. The leadership of this coin shows how unpredictable the market can be.
A year ago, even the most daring experts could hardly have predicted that events would unfold in this way. However, one thing is certain: Musk is a good businessman and a bad friend. Using Bitcoin as an example, we can see how much his opinion can change depending on the pressure of circumstances, so you should also bet on DOGE with great caution.
As far as Bitcoin is concerned, we have already seen how altcoins tried to take over the market share of the first cryptocurrency, however, everyone remembers perfectly well how it ended. Now the BTC dominance index stands at 41%. Probably, this indicator may decrease even more, but most likely it is already close to its minimum level."
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 $2,282,356,482,763.
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