Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $48,197.56 (-3.15%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,185.92 (-4.88%), while Cardano has dropped by 5.41% and is now trading at $2.75.
FxPro's team of analysts say:
"Bitcoin is down 3% over the past 24 hours and now the bears are going to try to push the crypto price below $48,000. They are likely to succeed, however, Bitcoin dropping to $46,000 would be nothing more than a technical correction of the previous rally, so it is unlikely to create anxiety in the crypto market.
As before, all altcoins are following the lead of the benchmark cryptocurrency. The total market capitalization of the cryptocurrency market has fallen, approaching the $2 trillion threshold. As prices fell, the greed and fear index for Bitcoin and the largest cryptocurrencies has moved from 'extreme' to 'greed' mode.
The market is entering a phase of moderate caution and technical indicators will begin to reflect this. Trading volumes for Bitcoin are holding steady at around $35 billion, which is average in historical perspective. The RSI for the BTC/USD pair on the daily chart shows a decline from overbought levels, perfectly reflecting the market situation."
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 $2,069,916,903,744.
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