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Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $10,874.58 (+0.66%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has grown to $380.97 (+5.02%), while XRP has increased by 3.65% and is now trading at $0.25.

FxPro's team of analysts say:

"Buyers have helped Bitcoin reach once again $11,000, however, it has not succeeded in attracting new buyers. This morning, the reference crypto is trading at around $10,900, posting an increase of just over 1% over the last day. For their part, altcoins are following the example of Bitcoin. The market capitalization of Bitcoin has surpassed the $200B mark, while the combined market cap of the remaining 7,080 cryptos amounts to $151B.

While Bitcoin is far ahead on this indicator, the popular token DeFi (YFI), which has a market cap hundreds of times lower, is priced 3 times higher. Will Bitcoin be able to meet and surpass its price? In theory, yes. If the process of locking Bitcoins in dApps continues, there will be a severe shortage of currencies in the circulating market, which will increase the price and at the same time can generate additional excitement and attract even more attention from speculators. However, Bitcoin is limited to some extent by financial derivatives and institutional money, which will not wait for its price to skyrocket before withdrawing profits.

However, the currency is quite capable of registering a significantly higher price increase than YFI, a currency which was unknown to most investors in the recent past. The crypto has already managed to exceed $40,000 in the past, which means psychologically it will be easier for market participants not to consider this level too important."

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 $350,002,042,388.

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