Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $49,525.85 (-1.87%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $4,346.45 (-0.43%), while Binance Coin has added 1.83% and is now trading at $598.53.
FxPro's team of analysts say:
"The capitalization of the crypto market is up just 0.4% over the past day to $2.36 trillion. The greed and fear index has added another point on the day to 29, pulling back significantly from the December 6 lows by 16 points, but still in fear territory.
Growth is being held back by the negative dynamic of the reference cryptocurrency. Pressure on it has increased as it has approached $50,000, falling 2% over the past day and 12% in seven days. As another result, Bitcoin's total share of the crypto market has fallen below 40%.
At the same time, neither the technical analysis (BTC/USD is above the 200-day moving average and has retreated from the oversold area on the daily charts), nor the mood in the equity markets inspires pessimism, are indicating we see a purely local market.
Ether continues to move around its 50-day moving average, adhering to local bullish momentum. As always, it is worth noting that a stable negative sentiment in Bitcoin can affect the entire cryptocurrency market, however, the soft fall in its price allows us to talk about enthusiasts seeking other ideas in the sector, but not a general flight from it."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,342,832,360,012.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.