Bitcoin has started the day posting losses. At press time, the largest cryptocurrency by market cap is trading at $44,967.10 (-2.01%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,033.41 (-4.14%), while Binance Coin has dropped by 5.02% and is now trading at $397.72.
FxPro's team of analysts say:
"Bitcoin has fallen almost 2% over the past day and is currently trading at $45,300. Anxiety is growing among market participants as the reference crypto has not been able to develop growth above $48,000 and is now heading in the opposite direction. Even more alarmingly, the Bitcoin dominance index has increased, reflecting more aggressive altcoin sales.
This is the reason why Bitcoin is considered a more reliable and long-term bet, as altcoins are extremely volatile, so altcoins can face very aggressive liquidations for short periods of time.
The total market capitalization of cryptocurrencies has fallen to $1.9T, moving further and further away from $2T.
However, Glassnode experts still see signs of the possible emergence of FOMO due to a significant outflow of Bitcoins from crypto exchanges. Since the beginning of July, the monthly outflow of BTC from these has been 50 to 100,000. In addition, the company sees an inflow of capital into the asset, which in total creates the basis for growth. If so, the current correction may turn out to be local, so new buyers who were expecting the cryptocurrency price to fall will enter the market."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,912,178,737,322.
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