Bitcoin has started the week in green. At press time, the largest cryptocurrency by market cap is trading at $9,378.08 (+0.36%), according to CoinMarketCap.
For its part, Ethereum has grown to $190.11 (+2.61%), while XRP has climbed by 0.48% and is now trading at $0.251.
Galaxy Digital CEO Mike Novogratz has recently said Bitcoin is a "digital gold" as well as a self-defense weapon in investment portfolios.
According to him, increasing liquidity in the US economy is undermining confidence in the dollar and leading to the emergence of favorable conditions for the reference crypto.
Political tensions between the US and Iran and the coronavirus epidemic are also contributing positively to investments in the cryptocurrency.
FxPro's team of analysts say:
"Bitcoin is trading above the $9,000 level after posting a 1% increase to $9,370. The crypto has spent the weekend consolidating on the levels reached previously, which is good news for an asset which has recently shown quite impressive price dynamics.
Even though a secondary trend above the $9,000 mark will not be bad for market participants, we should remember price movements are really important, especially in the case of cryptocurrencies, which are subject to greater volatility due to their nature.
An unknown whale has transferred around 50,000 BTCs (about $500M) over the weekend. The funds have been transferred between two unknown wallets. In general, this type of transfers usually become the basis for new price dynamics."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $261,212,160,884.
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