Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $35,874.17 (-0.51%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,450.68 (+0.48%), while Tether has added 0.04% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has lost 1% overnight and is currently trading at around $34,800. Even though the benchmark crypto has broken above an important support level at $35,000, overall market activity remains extremely low. As a result, the good news right now is the fact that Bitcoin is not falling. In addition to a moderate decline in the price of the leading cryptocurrency, there has been a significant reduction in trading volumes, which have fallen $15 billion over the course of a day. In the current bull cycle, this can be considered as the minimum value.
This is an alarming sign for the market as a whole, as such low activity indicates a high level of anxiety among investors, who are waiting for new triggers to make decisions. Today we are starting a new workweek and institutional investors will have a voice in the near future. And they can use the rising crypto price to drive sales.
At this stage, the market has been divided between those who are already afraid to buy the asset and those who are experiencing a growing desire to sell with each new wave of bounce. In the past, we have seen a steady decline in BTC, and each new level does not become the low from which the market could return to sustainable growth."
According to CoinMarketCap’s ranking, 4 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,568,003,169,025.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.