Bitcoin has started the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $44,997.53 (-8.31%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,519 (-8.46%), while Binance Coin has dropped by 8.87% and is now trading at $538.32.
FxPro's team of analysts say:
"Bitcoin has started the new workweek trading at around $44,800, losing nearly 10% over the past 24 hours and 27% from week-ago levels. Tesla founder Elon Musk continues to lead the crypto news, hinting the company may sell the Bitcoins it had previously promised to hold on to for 'effective money management.' Musk recently said the company will stop accepting Bitcoins as payment for its vehicles.
The price of Bitcoin has been low since February. From a technical point of view, we can already talk about a break of the uptrend. From December to March, we have regularly seen a sequence of higher and higher lows and higher highs. In April, the peak at around $65,000 was followed by a pullback to the lows of $47,000. The resumption of buying managed to bring BTC back only to $59,300, indicating increasing bear pressure.
Historically speaking, this is bad news for the entire crypto market. In 2017, we saw an equally outstanding and promising 'altcoin season.' However, the interest in these eventually faded due to the problems of the reference crypto. The same can be repeated now.
In spite of the sharp drop in the currency's price, Bitcoin's share in the capitalization of the entire crypto market has stabilized at 40%. In other words, altcoins are not lagging behind in their fall and at some point could overtake Bitcoin in the pace of declines."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,100,727,135,883.
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