Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $47,520.79 (-0.83%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $3,325.49 (+4.6%), while Cardano has dropped by 1.05% and is now trading at $2.8.
FxPro's team of analysts say:
"Bitcoin has lost almost 2% of its value over the last 24 hours and is currently trading at around $47,000, still showing a slow tug-of-war between bulls and bears far from important levels. A sign of the bulls' confident dominance will come when the currency reaches levels above $51,000 (above previous highs).
The price is supported by the growth of the network hashrate, as well as the soft rhetoric from senior US banking officials regarding the economic stimulus program.
Now, the main concerns are associated with the end of the era of cheap money, while the real trigger for a massive sell-off could come from a completely different direction. The greed and fear index for BTC and the largest cryptocurrencies has frozen at the 'greed' level, which fairly accurately reflects what is happening in the crypto market. The RSI for the BTC/USD pair on the daily chart has also bounced off the oversold level and is in the 'neutral' zone.
Probably, the end of this week and the beginning of the next workweek could bring us more volatility as the financial world returns from the vacations."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,078,606,012,311.
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