Bitcoin has started the month with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $10,841.57 (+1.03%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $363.59 (+2.05%), while XRP has increased by 0,57% and is now trading at $0.242.
FxPro's team of analysts say:
"Bitcoin has grown by 1% over the past 24 hours and is currently trading at around $10,850 driven by the recovery of stock indices and the general interest in risk assets. The crypto is moving around the round level, however, the good news is that bears still don't have enough reasons to take the initiative and drag the crypto down.
If we take into account the total capitalization of the crypto market, the situation looks even better. Over the past week, the total value of the cryptos has increased by 7% or $23B, approaching $350B. The greed and fear index for Bitcoin and other major cryptocurrencies has fallen 4 points to 45 during the last day, moving to the 'fear' area.
When this index falls, the chances of the cryptocurrency market developing a growth momentum increase. The RSI for the BTC/USD pair is in the 'neutral' area and overall technical indicators point to a favorable outlook for continued growth. It looks like that as long as central banks from all over the world respond to the threat of the spread of the coronavirus pandemic with new incentives, the markets that Bitcoin follows will remain stable."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $349,231,627,119.
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