Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $6,316.63 (-2.17%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $132.84 (+0.37%), while XRP has climbed by 0.39% and is now trading at $0.173.
To celebrate April 1, CoinMarketCap has added the Paper Toilet Paper Token to the zero position of its ranking. CoinMarketCap has told a brief story about it in its blog:
“Although modern industrialization has been able to successfully produce toilet paper for decades, the alarms sounded by the COVID-19 pandemic have made toilet paper a commodity of extremely high demand — so high, in fact, that it was out of stock in stores worldwide and caused societal unrest among customers.”
The cryptocurrency community did not like CoinMarketCap’s idea too much. As a result, the service has explained a bit later that this was not intended to be a joke related to the coronavirus.
FxPro’s team of analysts say:
“Bitcoin has made several attempts over the past 24 hours to reach $6,500, however, bears have dragged the price of the crypto down to $6,300. The reference cryptocurrency has lost more than 2% of its value. Altcoins, on the other hand, are showing similar price movements. The ‘star’ of April Fool’s Day in the crypto market was the Toilet Paper Token, whose price jumped 10x in just one day. Due to the characteristics of the crypto market, the token could become an independent project with real market cap, just like Dogecoin.
The crypto market is currently experiencing a kind of stagnation, however, several large investors have already entered the market after the recent sale. Coinbase has published data showing that after the market crash on March 12, there was an increase in purchases of the main cryptos on the exchange. Thus, trading activity around Bitcoin increased by 6, while in the case of Ethereum it increased by 5. On the other hand, the remaining altcoins registered a 7x increase in activity. The same thing probably happened in other exchanges.”
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $178,477,601,809.
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