Bitcoin has started the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $47,931.78 (-1.29%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,179.36 (-1%), while Cardano is up by 0.22% and is now trading at $2.83.
FxPro's team of analysts say:
"Bitcoin is mired in a sideways price trend and has started the workweek with a slight decline, trading at around $48,000. While the benchmark crypto has lost more than 4% over the past week, overall, the price dynamic cannot be considered negative, as the currency remains at occupied levels. The Bitcoin capitalization has stalled at $900 billion, while the total crypto market capitalization is comfortably above $2 trillion. The Bitcoin dominance rate has stalled at 43.7%, reflecting a generally quite high demand for altcoins.
Fall is approaching, which means increased activity in all markets and the end of the vacations for large institutional investors, which may indicate an increased likelihood of BTC investment decisions.
Judging by what is happening in the traditional market, if there is an aggressive removal of stimulus measures, this could have a serious impact on the stock market and then Bitcoin. Since BTC is the engine of the crypto market, its prospects will invariably affect the prospects of all altcoins. We are now seeing the last days of the summer calm, and we can assume that the fall and winter will be very hot for all markets, including cryptocurrencies."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,056,693,760,907.
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