Bitcoin Price Drops Below $9,200 – ihodl.com


Bitcoin has started the day posting minor losses. At press time, the largest cryptocurrency by market cap is trading at $9,184.42 (-0.44%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $235.92 (-1.45%), while XRP has dropped by 1.33% and is now trading at $0.195.

FxPro’s team of analysts say:

“Bitcoin is trading at around $9,200 after posting a slight growth over the past 24 hours. The rest of currencies on the top 10 are also in negative territory. The total market capitalization has fallen $3.6B to $272B. The Bitcoin dominance index is at 62%, while the RSI remains in the ‘neutral’ area, perfectly reflecting the recent anemic price dynamic of Bitcoin.

However, this does not necessarily mean that nothing is happening in the crypto market. Digital currencies do exist and people use them, however, if we talk about real use, and not just speculation, users prefer stablecoins. According to Coin Metrics, the amount of value transferred in stablecoins exceeded $2B in June, while this indicator stood below $1.8B in the case of Bitcoin. The popularity of stablecoins keeps growing, and this process will continue given the global demand for fast and cheap transactions.”

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 $271,158,967,928.

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