Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $32,457.62 (+1.48%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $1,953.43 (+3.02%), while Tether has dropped by 0.01% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has managed to recover after falling to $31,500, however, the buyers' momentum has lost steam as the price of the crypto has approached $33,000. Nevertheless, in line with the downward trend in local peak prices, we see the reference cryptocurrency approaching the round value of $30,000. A major negative factor is a methodical decline in trading volumes since early June.
In theory, a more substantial volume of sell orders under these conditions could lead to a much larger drop, to which buyers simply have nothing to respond. While some members of the crypto community still claim that BTC's ability to bounce off the $30,000 level is a sure sign of a buildup of strength by the bulls, it is still very likely that at this stage buyers have lost interest in the benchmark cryptocurrency.
Moreover, there is a possibility that some of the large holders of the asset have already sold it on the OTC markets. Hence the drop in trading volumes, while the market is only sustained by the hopes of the retail sector to resume growth. Many people bought Bitcoins during the time when it was near its all-time high, so the current levels are unacceptable to them."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,330,457,384,521.
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