Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $32,572.54 (-1.08%), according to CoinMarketCap.
For its part, Ether has fallen to $1,938.36 (-4.41%), while Tether has dropped by 0.09% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has lost about 1% of its value over the past day and is currently trading at around $32,700. The whole altcoins market is following the dynamic of the reference crypto. The total capitalization of cryptocurrencies has fallen by $100 billion in one day. The Bitcoin dominance rate continues to grow gradually to 46.3%.
Special mention should be made of the strength with which the stablecoin USDT trading volume is increasing at such alarming times in the crypto market. The main difference compared to 2017 is that now investors are not abandoning the cryptocurrency market, as they are expecting a rally in stablecoins. Over the past 24 hours, the trading volume on the USDT network has reached almost $100 billion. By way of comparison: for Bitcoin the figure is 57 billion and for Ether 37 billion.
Bitcoin is approaching a threshold below which sales could increase significantly. At the moment, the crypto does not seem to have been helped even by MicroStrategy's statements about buying $500 million in Bitcoin, which market participants have perceived more as a desperate attempt to stop the price decline. Probably, to some extent, this has actually slowed the decline, but from a broader perspective, this is unlikely to help contain the downward dynamics of the cryptocurrency market."
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 $1,317,465,004,345.
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