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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 $48,141.08 (-2.89%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has fallen to $4,079.46 (-6.17%), while Binance Coin has dropped by 3.82% and is now trading at $575.84.

FxPro's team of analysts say:

"The crypto market has lost 4.2% of its capitalization over the last 24 hours, and currently stands at $2.27 trillion. From the highs reached a month ago, the capitalization is down 23%, which allows us to talk about the beginning of a bear market in the sector, at least following the example of what we saw in April-July.

The fear and greed index of cryptocurrencies has fallen from 29 to 24, once again slipping into the extreme fear area.

Alarmingly, this time the total capitalization has been pulled down around by altcoins. The reference cryptocurrency has lost about 3% in one day, back to $48,300, where the 200-day moving average is and again touching the oversold area.

A significant short-term indicator for the market promises to be the 200-day moving average for Bitcoin. The ability to bounce above this line will indicate a predominance of bullish sentiment and promises further attempts to rise above $50,000 or $60,000 this month. A sharp drop below these levels would formally clear the way for a deeper correction to $41,000 or even $30,000."

According to CoinMarketCap’s ranking, all currencies on the top 10 are in red.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,248,675,090,156.

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