Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,961.71 (+0.36%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has jumped to $386.45 (+1.62%), while XRP has increased by 0.77% and is now trading at $0.254.
FxPro's team of analysts say:
"Bitcoin is ending the workweek posting almost no price changes and is trading at around $10,900. The crypto has fallen to $10,750 over the past 24 hours, but it received support from buyers at that level. The $11,000 level is an important resistance area, and if Bitcoin manages to finish the week above this level, it might keep growing until it hits the next resistance level at $12,000.
Institutional investors are wary of the Fed, as the lack of new support measures on the horizon could result in the markets being affected again by a great pressure that can also be felt in the crypto market.
Bitcoin has been correlated with various assets at different times: with gold, stocks or geopolitics. CoinTelegraph has reported a rather unusual correlation between Bitcoin, avocado and Tesla. These 3 assets have grown in tandem over the last few weeks, attracting the attention of millennials. While it is unlikely this type of correlation will gain popularity in the market, it is clear that the crypto market participants are trying to find points of reference in order to explain the dynamics of the crypto in the absence of major triggers within the industry or in traditional markets."
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 $354,197,898,581.
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