Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $45,146.82 (-2.41%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,131.41 (-2.81%), while Binance Coin has dropped by 0.61% and is now trading at $384.45.
FxPro's team of analysts say:
"Bitcoin has lost 2.5% today, Thursday, to fall to $45,000, correcting after topping $46,700 on Wednesday afternoon. Trading volumes have held steady at around $35 billion.
The greed and fear index for Bitcoin and the largest cryptos has shown a sharp jump of 20 points to 70 since last week and is now in 'greed' mode and is about to enter the 'extreme greed' area. The RSI for the BTC/USD pair on the daily chart is bordering the overbought level at 69.8, periodically breaking above this line.
Technical indicators show the market is entering an overbought situation. However, the current conditions in the global market (not only in the cryptocurrency market) are such that an overbought state can last long enough, and the bears' attempts to take the initiative can be quickly suppressed.
The total market cap of the cryptocurrency market is back above $2 trillion, and while this metric is rather arbitrary, it has some psychological impact on investors.
The Bitcoin dominance index continues to gradually decline and currently stands at 44.8%. A decline in this indicator with increasing capitalization is a positive sign, as it indicates an even distribution of buyer demand among a wider number of coins. If Bitcoin maintains its position through the end of the week and into the weekend, we could be talking about an increase in the likelihood of the cryptocurrency testing $50,000."
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 $1,888,695,652,710.
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