Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $9,798.62 (+1.42%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $244.66 (+0.56%), while XRP has fallen by 0.16% and is now trading at $0.204.
FxPro's team of analysts say:
"Bitcoin has grown by more than 1% over the past day and is currently trading at around $9,800. Even though the crypto has even reached $9,900 for a few moments, it has found strong resistance. Trading volumes have remained largely unchanged. The $10,000 level has become a really difficult barrier to overcome for the reference crypto. However, the fact that it receives support from buyers every time bears increase pressure could indicate the formation of a strong enough momentum that could help BTC reach the desired level.
Bitcoin does not like lateral trends, however, this is a fact, as after three unsuccessful attempts to grow above $10,000 it has not fallen to previous lows, so there is a chance the current lateral trend could be seen as positive. In any case, Bloomberg Intelligence analyst Mike McGlone believes that due to the growth of open futures positions and demand from institutional investors, Bitcoin could reach over $20,000 already this year. It's important to note such optimistic forecasts are like a balm for crypto enthusiasts, but everyone is aware of the fact that a number of factors need to come together for this to happen."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $277,908,599,716.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.