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Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $31,972.69 (-3.78%), according to CoinMarketCap.

Chart of the USD/BTC{follow} trading pair from EXANTE

For its part, Ether has fallen to $1,897 (-6.57%), while Tether has dropped by 0.01% and is now trading at $0.1.

FxPro's team of analysts say:

"Bitcoin has lost almost 4% of its value over the past 24 hours and is currently trading below $32,000. The reference crypto continues to inch closer and closer to the technical and psychological level of $30,000. Should it fall below this level, it could trigger an even more massive sell-off.

The top 10 altcoins are showing similar declines. The Bitcoin dominance index is gradually increasing, reaching 46%. A similar process occurred in the previous cycle. This signals a likely decline in the level of attractiveness of cryptocurrencies in general. At some point, BTC becomes too expensive for most market participants, and then they switch to altcoins, then a peak in this direction passes, after which the market balance is restored, returning the leading role to the first cryptocurrency.

Within the current cycle, these movements are much less sharp than in early 2018, however, it is likely that in the near future we will see a new stage of selling the reference cryptocurrency. If the coin drops below $30,000, the next points may be levels at around $25,000 and $20,000. Of course, after reaching each round level, the market will continue to attract demand from buyers. However, there could be some really profitable opportunities to open positions at these price levels, where most will lose faith in the benchmark crypto and digital currencies in general."

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 $1,299,401,777,760.

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