Bit-comment: Bitcoin holding its position just under $7K

During the last day, bitcoin has been holding positions around $6,900, almost unchanged in the price for the day. Сrypto market participants believe that bitcoin may still attempt to attack a $7K level. However, the longer the cryptocurrency is in the sideways trend, the higher the chances of a new bear attack.

Even in this situation, the altcoin market is trying to duplicate the price dynamics of the benchmark coin, being barely in the green zone. The total capitalization of the cryptocurrencies again turned out to be below $200bn, with average intraday trading volumes close to stably above $100bn. In contrast, at the market peak, when the capitalization exceeded $800bn, the daily trading volumes were barely reached $46bn. This suggests that the interest in cryptocurrencies has remained from the traders and merchants. In 2017 this market was used for investments (in the hope for price growth) and business (mining, commissions).

The FxPro Analyst Team