Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,242.48 (-0.66%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $362.01 (-0.67%), while XRP has dropped by 1.61% and is now trading at $0.240.
FxPro’s team of analysts say:
“Bitcoin is trading at around $10,300 at the end of the workweek. The crypto’s attempts to regain the uptrend seem to have hit the massive activation of stop orders in the $10,500 area. At the same time, falls below $10,000 are attracting buyers.
Algorithmic trading has long been gaining ground in the crypto industry, something that can also be seen in how well Bitcoin performs classic technical analysis patterns in the form of moving averages or overbought/oversold condition corrections.
It has recently been shown not all sideways trends end up in massive sales. The new principle ‘what doesn’t grow, is forgotten’ is emerging, which can be clearly seen in the DeFi sector as well as in the rapid emergence of new players in the top 30. This is a natural process, since projects that have enjoyed great popularity in the past and have not made much progress for some years have started to bore market participants.”
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 $334,060,103,283.
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