Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $45,696.86 (-3.68%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,152.90 (-3.91%), while Binance Coin has dropped by 1.17% and is now trading at $416.71.
FxPro's team of analysts say:
"Bitcoin has lost 3% over the past day and is currently trading at $45,900. The current Bitcoin price does not appear to be anything extraordinary due to new highs in the US market, however, the prospect of a correction persists. This probability becomes especially relevant due to the crypto's inability to successfully overcome a major resistance level above $48,000.
In the event of a sell-off in the stock market, we may see a sharp reversal in the outlook and the cryptocurrency market, which has recently shown very pronounced bullish jumps. The Bitcoin dominance index continues to fall, as it has fallen to 43.6%, indicating continued broad momentum in demand for all other cryptocurrencies. The total market capitalization of cryptocurrencies is around $2 trillion.
For many retail investors, BTC is psychologically too expensive for new purchases, while the hope for a more significant likely rise in altcoins is driving demand for small-cap coins.
The fact that the start of the new workweek was not marked by a major correction after institutional investors returned to work is already a major coup for the crypto market. In the case of holding positions until mid-week, there is hope that the cryptocurrency will gain a foothold at current values, from where it will be much easier to storm the resistance level."
According to CoinMarketCap’s ranking, 4 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,968,556,943,663.
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