Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,954.88 (+7.15%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $317.72 (-1.88%), while XRP has grown by 2.37% and is now trading at $0.222.
FxPro's team of analysts say:
"Bitcoin has grown by more than 6% over the past day and is now trading at around $10,900. The latest rebound attempt has been more than successful. While previous growth attempts by Bitcoin have always lost momentum at the $10,000 level, the currency has now managed to reach $11,300, however, it has fallen back slightly as a result of the pressure from bears.
The positive price dynamic of the past few days has been accompanied by an increasing trading volume, strengthening bullish sentiment. Since the weekend, it has skyrocketed to $35B. In turn, the total capitalization of the crypto market has grown during the last day by $13B, feeling increasingly comfortable above the $300B barrier.
The greed and fear index has posted an increase of 18 points during the last day and is currently in the 'extreme greed' area. The RSI is also in the overbought area. On the one hand, the FOMO has taken over the market after Bitcoin has broken through significant resistance levels. On the other hand, positive sentiment may not yet be able to withstand the pressure from large investors who are withdrawing their profits. According to Glassnode, the rise in the Bitcoin price has led to a strong influx of currencies into centralized exchanges, which will lead to an increase in trading volumes as well as a jump in price volatility in both directions."
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 $321,338,098,598.
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