Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $9,248.59 (+2.77%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $205.6 (-1.55%), while XRP has dropped by 1.66% and is now trading at $0.215.
FxPro's team of analysts say:
"Bitcoin is growing today on its own, leaving altcoins aside. Over the past 24 hours, the largest crypto in the market has grown to almost $9,300. On the other hand, altcoins have not joined Bitcoin's trend, posting a slight decline. As a result, the Bitcoin dominance index has grown to 67%. Regarding the greed and fear index, it has switched to the 'neutral mode' for the first time since the end of February after adding 7 points and approaching 50 points, which clearly contrasts with the 15 points registered a month ago. The RSI for the BTC/USD pair keeps rising in the overbought area.
Market participants fear Bitcoin could become a too big part of the entire market. This could play against cryptocurrencies in the event of a drop, which is something that can happen if we consider the following formula: halving + price drop + hashrate drop + panic + pressure from institutional investors + pressure from regulators. Meanwhile, Bitcoin is still almost the only representative of the digital currency market that has attracted the attention of the traditional financial market."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $254.211.608.321.
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