Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $44,369.78 (-1.68%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,207.49 (-2.93%), while Cardano has slid by 6.7% and is now trading at $2.38.
FxPro's team of analysts say:
"On Monday morning, the reference crypto is trading at around $44,600. The correction of Bitcoin last week reduced the crypto market capitalization by $264 billion: the volume then even fell below $2 trillion, but recovered. The reason was the sensational completion of the adoption of BTC in El Salvador.
Investors consider the absence of a new global reason for the resumption of growth as the main urgent problem.
By the way, the price of altcoins has fallen more than that of Bitcoin. The correction turned out to be especially unpleasant for Cardano, because the coin was just preparing for a new pump at the launch of smart contracts. Although some altcoins, for example Solana, were able to maintain growth at the end of the week.
Observers believe now is a good opportunity to buy cheaper coins and save the market from overheating. So, maintaining the current scenario is possible up to the reduction of BTC to $43,000."
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 $2,024,120,022,245.
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