Bitcoin has started the last day of the workweek with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $49,486.5 (-1.25%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether is up to $3,807.85 (+1.75%), while Cardano has dropped by 3.26% and is now trading at $2.95.
FxPro's team of analysts say:
"The last day has been very active for Bitcoin. The benchmark crypto has breached the $50,000 threshold, however, it has stumbled on a sell-off on its way to $50,300. Bear pressure has pushed the crypto to $48,300, from where it has grown back to $49,600 thanks to discount hunters.
At the same time, trading volumes on the network have remained stable at around $40 billion, which is good and bad at the same time, since, on the one hand, they have not grown coinciding with the recent rise of the cryptocurrency, but quite the opposite. On the other hand, they have remained stable during the fall. As a result, none of the impulses have received strong support from market participants.
Over the past week, Bitcoin has registered a 5% increase, and now much attention will be paid to the price dynamics that will unfold over the weekend. The retail sector will have a say, given the seasonal changes and the overall positive sentiment prevailing in the cryptocurrency sector, this is likely to contribute to another attempt by Bitcoin to break through the $50,000 resistance. Time will tell if this is possible, however, there is no reason to doubt that the overall bubble can continue to inflate for a while.
However, if sentiment turns particularly positive and BTC shows impressive growth rates, we should be cautious, as somewhere around the corner we can expect a return to reality."
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 $2,228,503,146,748.
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