Bitcoin has started the day posting major gains. At press time, the largest cryptocurrency by market cap is trading at $9,322.41 (+17.92%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has jumped to $224.78 (+10.3%), while XRP has climbed by 8.43% and is now trading at $0.233.
The return on Bitcoin investments bounced back by -13.85% on Wednesday compared to February 20, while the S&P 500 index rose to -14.01%. Pantera Capital CEO Dan Morehead also noted that as a result of today's surge, Bitcoin year-to-date growth is higher than gold.
FxPro's team of analysts say:
"However, the halving-related FOMO has boosted the rally even more, so on Thursday morning Bitcoin has increased by more than 20% and is currently trading at around $9,400. The reference crypto has added 1,500 $ in just one day. The market cap has grown by 19%. According to CoinMarketCap, the trading volume on the Bitcoin network has almost doubled in one day to a record $69.5B. As a comparison, when the price of the crypto peaked in 2017, its trading volume reached $20B. The technical analysis also supports bulls: the growth has come after exceeding the 50-day average.
Therefore, market participants are receiving very bullish signals. The greed and fear index has jumped by 18 points in one day, reflecting this way what is happening in the market. The RSI in the BTC/USD is in the overbought area after rising 17 points in one day. Participants in the crypto market believe the $10,000 barrier could become a strong resistance that could lead to a correction."
According to CoinMarketCap’s ranking, all currencies on the top are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $260.557.458.974.
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