Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $49,775.20 (-0.78%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $3,349.73 (+0.68%), while Cardano is up by 1.51% and is now trading at $2.9.
FxPro's team of analysts say:
"Bitcoin has lost 1.5% of its value over the past day and is currently trading below $50,000, in particular, its price is up to $49,600. Buyers' uncertainty near a major round level forces us to follow the nearest dynamics closely. Moreover, we are now already seeing something resembling a rebound, as the minimum retracement point was $48,900, the level at which the crypto has started to attract buyers' demand again.
It should also be noted the correction to $47,000 is within the acceptable range, given the scale of growth in recent weeks. For the week, Bitcoin still shows a fairly significant increase of 8%.
The traditional market (S&P500) has returned to growth since the end of last week, so BTC is likely to follow the positive wave. The greed and fear index for Bitcoin and the largest cryptocurrencies is in 'extreme greed' mode, however, at the moment this hardly means the crypto market is ready for a reversal.
Consumer demand is only likely to increase as the coin approaches $50,000. As the fall work season begins, we will see further boosts to the cryptocurrency market."
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 $2,134,227,858,560.
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