Bitcoin has started the day with a negative dynamic. At press time, the largest cryptocurrency by market cap is trading at $11,168.89 (-1.06%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $383.19 (+2.13%), while XRP has jumped by 3.13% and is now trading at $0.3.
FxPro's team of analysts say:
"Both Bitcoin and the rest of cryptos in the market have had a busy weekend. The reference cryptocurrency has registered a constant growth until reaching the $12,000 mark on Sunday morning. This prompted investors to start cashing out their profits in a market with relatively low liquidity, as over the next 50 minutes, BTC fell to $11,000, the level it is at today at the start of the business week. However, over the past 24 hours, Bitcoin trading volumes have jumped by 26% and are currently at around $30B.
The greed and fear index has moved from 'extreme greed' to simply 'greed' over the last day, perfectly reflecting the current situation in the crypto market. On the other hand, the RSI has dropped, but it remains in the overbought area, leaving room for growth.
At the end of last week, Bitcoin posted a 9% increase while XRP (+35%) led growth in the top 10 boosted by the announcement of the launch of the beta version of the P2P platform Payburner, which is based on the token.
The beginning of the week should clarify the institutional position on what is happening around Bitcoin, which will determine the short-term dynamic of the reference crypto. At the moment, the ability to stay above $11,000 as well as further attempts to go above $12,000 will be critical to maintaining a positive momentum among market participants."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $339,372,857,491.
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