Main page News, Bitcoin

Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $11,309.55 (+0.17%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has fallen to $391.36 (-0.41%), while XRP has dropped by 4.04% and is now trading at $0.298.

Recently it has been known the aggregated interest in Bitcoin futures reached a record level on Saturday, August 1. According to the resource, the aggregated open interest in BTC futures reached $5.575B on August 1, slightly above the previous record of $5.369B reached on February 14.

The aggregated open interest represents the total value of Bitcoin futures that still have to be settled. The Bitcoin futures market is still led by BitMEX, OKEx, Huobi and CME. Thus, last week CME reported that the open interest in its futures offering had reached a record of $724M.

FxPro's team of analysts say:

"The price of Bitcoin has experienced little changes over the last day. The digital currency market as a whole is showing a moderately negative trend. However, it is still too early to talk about the start of a reversal. The total capitalization of the crypto market has also remained unchanged over the last 24 hours, suggesting digital currencies have taken a break from the recent rally. Investors are considering new triggers, and even in the event of a correction in the crypto market, this could become an opportunity for those who wish to enter the market with discount.

Amidst record incentives from central banks and positive dynamics in the stock and precious metal markets, cryptos are receiving a lot of interest from investors. While investors are always mindful of their speculative objectives due to the volatile nature of this type of asset, stablecoins are attracting increasing demand. They have all the qualities needed to diversify a portfolio while allowing instantaneous entry and exit from the most volatile currencies, affecting the entire market. Therefore, the growth of the market cap of Tether (USDT) as well as of other stablecoins could become a strong growth driver for Bitcoin in the future."

According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in green.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $345,001,321,407.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Read also:
Please describe the error