Bitcoin has started the week posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $11,429.42 (+0.39%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $375.07 (+1.51%), while XRP has fallen by 0.14% and is now trading at $0.241.
FxPro's team of analysts say:
"Bitcoin remains around $11,500 with a slight drop in trading volumes. On the one hand, the good news is that the reference crypto has managed to stay above an important technical level. On the other hand, the reduced trading volumes suggests a possible confusion among investors about the short-term prospects of Bitcoin.
The greed and fear index for Bitcoin and the most important cryptos has moved to the 'greed' mode at 55 points. However, the current values are far from the market's overbought state. The RSI for the BTC/USD pair is in the same situation. This new workweek could determine the short-term direction of the reference cryptocurrency.
There is still news coming out that shows the interest of institutional investors in the market. For instance, it has recently been known the investment firm Stone Ridge, which manages over $13B in assets, has spent more than $100M on the purchase of 10,000 BTCs. The company's management team sees Bitcoin as an element of an alternative strategy. Due to the fact that the Fed's balance sheet has grown by $3T since the beginning of 2019, the US dollar has shown a 70% drop against BTC. For this reason, other investment companies might make similar decisions."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $358,419,000,273.
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