Today, Thursday, September 24, the price of bitcoin is falling. At 09:01 AM PST, the largest cryptocurrency by market capitalization is trading at $ 10,294.47 (-1.87%), according to CoinMarketCap.
Pair graph USD / BTC provided by EXANTE
For its part, ethereum fell to $ 324.62 (-4.97%), while XRP fell 4.21% to $ 0.223.
The FxPro team of analysts notes:
“Bitcoin has not stopped falling after the last phase of correction on September 21. During the morning of Thursday, the reference cryptocurrency has lost almost 2% of its value and is trading around $ 10,300. Therefore, bitcoin is reacting to the growth of the dollar against almost all currencies as well as the uncertainty around the economic outlook, factors that are negatively affecting risk assets. second wave of the coronavirus pandemic are also exerting an extremely negative impact on traditional markets.
Since institutional investors gained access to bitcoin, the currency has suffered along with the rest of the market when corrections occur globally. Although bitcoin is falling right now, the cryptocurrency’s dominance index has seen an increase of almost 1.5% during the week. This may suggest that fears about other cryptocurrencies are even greater. While bitcoin is proving over and over again that it is capable of growing again, altcoins cannot boast of it.
Bitcoin’s trading volume remains relatively low at around $ 24 billion. Although when the price of the cryptocurrency peaked in 2017, a similar trading volume was considered an all-time high, now no one is surprised by rallies even above 70 billion. However, a significantly larger amount of funds in circulation acts as a limiter on price jumps in both directions. In the near future, the development of the situation in the traditional market will become an indicator of the price dynamics of bitcoin. “
9 of the top 10 cryptocurrencies on the market are in negative territory.
As for the total market capitalization, this is located at $ 324,506,769,134.