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Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $9,020.02 (+0.04%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $208.22 (-0.71%), while XRP has lost 0.41% of its value and is currently trading at $0.219.

FxPro's team of analysts say:

"Bitcoin has shown little changes recently. While the reference crypto has managed to rise above $9,000, the lack of momentum could lead to a decline.

The greed and fear index has grown several points over the past 24 hours, remaining in the 'fear' area. The RSI for the BTC/USD pair on the daily chart is in the overbought area, which could mean more selling pressure in the short term.

There are less than six days left until the crypto's halving, and the attitude of market participants towards this event remains rather optimistic. In general, everybody believes the reduction of the reward will make miners, who have great power over the market, limit the issuance and circulation of new Bitcoins, creating this way an artificial deficit that could boost the value of the currency. Even though this seems to be a good plan, another force of influence must be taken into consideration: institutional investors, whose movements under these circumstances are still difficult to predict."

According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $250.553.962.787.

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