Bitcoin has started the day growing. At press time, the largest cryptocurrency by market cap is trading at $8,788.65 (+1.59%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $227.82 (+2.83%), while XRP has jumped by 1.41% and is now trading at $0.235.
FxPro's team of analysts say:
"Bitcoin has tried to grow again, dragging the rest of the market with it. The crypto has reached $8,900 to fall again. Over the past 24 hours, BTC has climbed by more than 2% and is currently trading at around $8,850.
Trading volumes have also posted a significant increase. According to WhaleAlert, on Tuesday morning a whale moved around 14,500 Bitcoins (worth $129M). The funds have reportedly been transferred between two unknown wallets. In addition, 146,000 ETHs (worth around $34M) have also been moved. This type of movements are usually preceded by increased market volatility.
In addition to this recent price increase, Bitcoin has also registered a record hash rate of 136 quintillion hashes per second. Such rallies are usually a clear sign of optimism among miners. ASIC devices makers are preparing devices capable of maintaining profitability even after the Bitcoin halving.
However, the cryptocurrency has been unable to break above the $9,000 mark, so market participants will re-evaluate short-term outlooks."
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 $251,568,030,483.
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