Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $47,186.54 (-0.99%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether is up to $3,512.01 (+4.89%), while Cardano has dropped by 0.89% and is now trading at $2.78.
FxPro's team of analysts say:
"Bitcoin has been almost unchanged over the past day and is currently trading at $47,000. The reference crypto continues to hold its positions, although overall the tendency is not towards growth. The Bitcoin dominance index continues to fall, currently reaching almost 42%, which is considered a very positive sign for the overall market, reflecting the broad demand for digital assets.
The altcoins in the top 10 show a very good dynamic, which is reflected in the Bitcoin dominance index. Ether (ETH) has surpassed $3,500 and it is very likely that by the end of the year we will see new highs as the development team moves towards ETH 2.0. Bitcoin lacks this technological evolution, as well as the ability to generate activity and demand for coins through project work on its blockchain.
However, so far, the main focus remains on the largest crypto, and the overwhelming investment activity is concentrated around Bitcoin. Trading volumes are currently at a medium level, and it is very likely that in the very near future volatility around Bitcoin will start to increase, as we enter the most active period of the global financial market, with which the major cryptocurrency is strongly correlated."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,039,866,770,999.
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