Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $10,873.86 (+1.21%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $364.46 (-2.85%), while XRP has dropped by 1.81% and is now trading at $0.243.
FxPro's team of analysts say:
"Bulls do not cease in their attempts to push Bitcoin over $11,000. Over the past 24 hours, the reference crypto has managed to reach that level, however, it has not been able to resist the pressure of bears. This morning, the Bitcoin network posted an increase in trading volumes to around $44B. However, it is clear that each new attempt by buyers ends up being weaker than the previous one, and this morning Bitcoin is trading at around $10,800. For its part, the Bitcoin dominance index has increased by 1.5% over the last few days.
The decentralized financial applications (dApps) sector has mainly been associated with new and relatively unknown projects in the recent past, however, now it is the turn of Bitcoin. The volume of Bitcoins locked in this type of applications is growing, and this factor is added to the list of possible drivers of the crypto in the mid-term. The higher the volume of locked tokens, the lower the supply of the asset on the free market, which will increase its price.
As can be seen with the case of the DeFi yearn.finance (YFI) token, even $40,000 is a fairly affordable figure for a crypto with a very limited issue. Unlike YFI, whose capitalization is hundreds of times lower than that of Bitcoin, the reference crypto will need a significantly higher market movement to post such an impressive price increase. However, the DeFi sector shows that cryptos are dynamic and can still register an explosive growth."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $347,203,343,262.
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