Bitcoin has started the week with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,880.33 (+1.71%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $358.14 (+0.59%), while XRP has increased by 0.82% and is now trading at $0.243.
FxPro's team of analysts say:
"Bitcoin has started the workweek posting a growth of around 1% and trading at around $10,900. The price is still hovering around $11,000, so the crypto might soon surpass this level. It must be noted the strong increase in the trading volume of Bitcoin. Thus, on Thursday it skyrocketed from $25B to $50B, a level at which it has remained until this morning. It looks like the expiration of the Bitcoin futures on Friday has not had a negative impact on the crypto in spite of the concerns of market participants.
The RSI for the BTC/USD pair is in the 'neutral' area, indicating that there is still room for growth. The greed and fear index for Bitcoin and the larger cryptos is still in the 'fear' area with 43 points, however, it is very close to the 'neutral' area. The rest of the crypto market is following the Bitcoin trend. This boost could come from the traditional market, where the pandemic, which is getting worse in many parts of the world, still has a lot of influence.
A new lockdown, like the one in the spring, could have disastrous consequences for the stock market, which in turn would be felt in the reference crypto. However, as long as we have promises of stimulus from central banks, everything is working as usual, remembering the calm before the storm."
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 $348,028,672,964.
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