Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $11,820.96 (+1.33%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $395.83 (-0.15%), while XRP has grown by 1.2% and is now trading at $0.304.
FxPro's team of analysts say:
"Bitcoin has grown by about 1% over the last few hours and is currently trading at around $11,800. Buyers have tried to push the crypto up to $12,000, but have met great resistance.
The market is currently dominated by certain optimism, which is reinforced by the positive dynamic of altcoins. Thus, Bitcoin Cash (BCH) and DASH have jumped by more than 10% over the last day. The greed and fear index still remains in the 'extreme greed' area.
Demand is driven by the investors' desire for high yield assets, which is reflected in the growth of the open interest in BTC futures on major platforms to a record $5.6B (as of August 1).
However, Glassnode analysts have concluded retail investors are also having a positive impact on the market. Over the past 5 years, the percentage of wallet owners with less than 10 BTCs has grown from 5.1% to 13.8%, while the number of wallets with a balance of 100-100,000 BTCs has decreased from 62.9% to 49.8%.
JPMorgan has concluded younger generations prefer Bitcoin, while older generations prefer gold. It should be noted the growth of retail Bitcoin holders, especially if they use the currency to pay for goods or services, is the best thing that can happen to Bitcoin regarding its future prospects."
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 $358,132,296,922.
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