Bitcoin has started the day showing little change. At press time, the largest cryptocurrency by market cap is trading at $9,177.67 (+0.13%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $237.61 (-0.24%), while XRP has dropped by 0.82% and is now trading at $0.196.
FxPro's team of analysts say:
"While Bitcoin has remained almost unchanged since yesterday, the overall moderately positive tone of the market could lay the foundation for the growth of the reference crypto. Positive news about the development of a vaccine for the covid-19, the European agreement to create a €750B recovery fund and the increase in Asian markets will maintain the global 'gravity denial', which will continue to boost investor sentiment.
The market is driven by growth expectations and the FOMO, which in the past have led to Bitcoin jumping to $20,000, however, this pattern is not working now, as even the June rally was already morally outdated given the rapid flow of news since early 2020. In principle, news of military conflicts between countries as well as a global pandemic should have driven Bitcoin price, but the March collapse to $4,000 reflects the crypto is being integrated into the financial system, and its price dynamic is increasingly linked to it."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $272,212,120,079.
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