Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $11,665.66 (+3.16%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $396.81 (+1.32%), while XRP has jumped by 1.05% and is now trading at $0.301.
FxPro's team of analysts say:
"Bitcoin has found support in the $11,300 and has grown again. The reference crypto has jumped by more than 3% over the last 24 hours, reaching even $11,800. Trading volume has increased by 19%. The increase of the total capitalization of the crypto market by $8B during the last day can also be considered positive, since the growth of the reference crypto is supported by altcoins. Thus, Ethereum and XRP have risen by 25% during the week, while Chainlink has skyrocketed by 35%.
The greed and fear index has entered the 'extreme greed' mode after adding 4 points since yesterday. According to developers, this means the crypto market is approaching a sale. The RSI is slightly above the 70 level, which also corresponds to an overbought market.
At the moment, Bitcoin is showing growth along with precious metals, benefiting from the deep general uncertainty in the market. It is very likely that if there is a correction in the market, both Bitcoin and other digital currencies may start a sell-off along with other assets as they are not seen as a counterweight to the traditional financial system."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $353,217,739,232.
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