Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,328.48 (+1.78%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $367.71 (+8.75%), while XRP has jumped by 2.92% and is now trading at $0.245.
FxPro's team of analysts say:
"Bitcoin has increased by almost 3% over the past day and is currently trading at around $10,400. Therefore, the situation is still developing positively, and buyers have not allowed the currency to fall below the $10,000 barrier. However, the fact that the cryptocurrency has fallen can be considered alarming in itself.
On the other hand, altcoins are posting much higher increases. For example, Ethereum (ETH) has grown by more than 10% over the last 24 hours.
However, DeFi tokens are experiencing an even greater increase. For instance, the yearn.finance token (YFI) has skyrocketed by 38% over the last day and is currently trading above $30,000, while Aave (LEND) has posted an increase of 28% in a single day.
The positive price dynamic around altcoins has led to a decrease in the Bitcoin dominance index, which has fallen to 56.5%. This process is often seen as positive: even though money is not flowing directly into Bitcoin, it is ending up in the crypto sphere anyway. There is a chance these funds will end up in Bitcoin in one way or another. The market cap of Bitcoin is now 4.5 times greater than that of Ethereum (ETH). If we compare it to DeFi tokens, which have recently hit headlines, then the capitalization of yearn.finance (YFI) is 212 times lower than that of the reference crypto."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $337,496,462,556.
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