Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $40,138.91 (-3.97%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,614.55 (+0.29%), while Tether has increased by 0.04% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has inspired optimism over the weekend, developing growth above $40,000. However, there is one disappointing fact: its low trading volumes, despite the price increase to $42,400. As a result, at the beginning of the workweek, the reference crypto has lost about 5% and is trading at around $39,800. Even so, the coin is still very close to the threshold value, but remains vulnerable to sudden impulses in both directions. Institutional investors may have a say in the near future, and a tug-of-war between bulls and bears could shift to a new phase.
If the round level finally breaks and the price falls steadily, this could trigger a new wave of profit-taking and an even steeper decline. Positive factors include the return of hashrate growth in the Bitcoin network. Perhaps the price increase is now encouraging miners to launch their computing power as soon as possible. However, so far the hashrate is far from historical highs and working miners have the opportunity to make additional profits due to less competition."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,625,404,500,050.
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