Bitcoin depreciates after significant growth earlier in the week

© RIA Novosti / Vladimir Astapkovich in fotoracconti with the logo of the cryptocurrency bitcoin. Archival photoBitcoin depreciates after significant growth earlier in the week© RIA Novosti / Vladimir Astapkovich the image Bank

Bitcoin (bitcoin) is cheaper on Friday, staying below $ 8 thousand dollars, after a significant increase in the price of the cryptocurrency in the beginning of the week, according to the auction.

According to the website CoinMarketCap, calculate the average price across more than 20 exchanges, as of 9.00 GMT bitcoin dropping by 3.39%, to 7.94 thousands of dollars. On largest by volume cryptocurrency exchange Binance bitcoin has fallen in price by 4.88%, to 7,927 thousand dollars. Earlier in the week, bitcoin rose above the level of 8 thousand dollars.

Other cryptocurrencies are also cheaper: Ethereum is by 2.84% to 464.7 dollar, the Ripple — on 2,43%, to 0,452 dollar, Bitcoin Cash — on 4,43%, to 804,22 dollar. According to CoinMarketCap, the market capitalization of cryptocurrencies is currently 290,8 billion dollars. The share of bitcoin accounts for approximately 46.8% of the total cryptocurrency market.

«The results of the first half of this week, of course, was the reason for the increasing optimism of the entire crypto community. Trading volumes are rising, as is the interest in bitcoin from the observers and representatives of traditional industries,» — said RIA Novosti, PR-Director of Blockchain Capital Tugush Timothy Fortunatov. The expert noted that concerns about his course persist.

First, there still remains a large gap between the value of bitcoin and alternative cryptocurrencies. «This indicates the growing interest to the leading cryptocurrency…. The fact that the share of bitcoin in the market right now is 47%, only confirms the exclusivity of interest. I think it will have a positive influence on the price for some time, but they will not be able to serve as a basis for further growth of the overall market,» said Fortunatov. According to him, if there is no alignment relationship between the value of bitcoin and altcoins in the near future, we can expect the price retracement to the previous position.

Second, the biggest problem market is also the psychological aspect of the buyers have become much more wary of the situation on the market, responsive to any changes in its disbelief, and seeing positive messages about the change of its dynamics, the analyst said.

Bitcoin depreciates after significant growth earlier in the week© Integratiebeleid and bitcoin