Bitcoin has started the last day of the workweek posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $55,458.35 (-3.05%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $4,116 (-3.75%), while Binance Coin has dropped by 3.78% and is now trading at $579.43.
FxPro's team of analysts say:
"The crypto market has started Friday on a positive note, while traditional markets are experiencing a classic risk-off pullback. Bitcoin has lost around 2% since the start of the day, but this pullback has so far only brought it back to Tuesday's levels at $57,500. Since the start of the week, bulls have been buying BTC and ETH on dips from increasingly higher levels, demonstrating strong demand.
However, in the face of increased volatility in the stock market, crypto investors should be on their toes. Due to the love of institutions, Bitcoin is significantly vulnerable to moments of risk asset outflows, when everything is exhausted, regardless of the outlook.
On the other hand, retail investors have developed a clear reflex to buy cryptos out of fear of the coronavirus, whose new strain is being discussed by the WHO and prompting new restrictions on air travel. However, this long-term approach in no way contradicts the impressive liquidation of long positions at the close of the previous week due to the return of strategic buyers."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,463,722,012,096.
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