Bitcoin has started the last day of the workweek with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $54,778.64 (+0.2%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether is up to $3,604.92 (+0.97%), while Binance Coin has dropped by 1.99% and is now trading at $436.57.
FxPro's team of analysts say:
"After posting spectacular growth, Bitcoin has started to correct, although so far the scale of the decline is very moderate. Over the past day, Bitcoin has lost 2% of its value and is currently trading at around $54,000. Over the last seven days, the growth amounts to 23%.
There is nothing to worry about at this stage. As long as the price remains above $50,000, crypto market participants will calmly perceive a possible decline of the coin. However, if the round level is breached, a large number of sell positions may be triggered.
Moreover, even relatively long-term investors could start to withdraw their profits. Now the market is in an overbought state, while fundamentally there was no particular reason for such an impressive growth.
The greed and fear index stands at 74, which corresponds to the 'greed' area. The weekend will be another test for Bitcoin, as it will clarify whether the coin is able to maintain occupied levels and whether investors consider the recent growth episode to be justified. It is likely that the rest of the cryptocurrencies will copy the direction chosen by Bitcoin."
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 $2,307,036,806,765.
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