Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $11,772.45 (+2.97%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $378.07 (+0.71%), while XRP has increased by 2.56% and is now trading at $0.247.
FxPro's team of analysts say:
"Bitcoin has decided to break its correlation with the S&P 500 and has posted an increase of almost 3% over the last 24 hours. Today, the reference crypto has experienced a slight correction to $11,700, however, at some moments it has reached $11,800. This growth pattern would be the best possible scenario for the cryptocurrency, consolidating each new price level reached. Furthermore, the growth recorded over the past 24 hours has been supported by a 31% increase in trading volumes, further reinforcing the positive trend.
The current overall positive dynamic is inspiring participants in the crypto market, as it coincides with a series of negative news in both the crypto sector and traditional markets. The behavior of cryptos reflects the equanimity of investors and their confidence in the medium-term prospects of Bitcoin. While the greed and fear index for Bitcoin and other major cryptos is in the 'greed' area, the indicator has experienced an increase of only one point during the last day. In spite of the rather impressive increase in prices, the technical indicator suggests there is still room for further growth. The main psychological and technical level is now at $12,000, and surpassing that level will open the door for further growth of Bitcoin and the whole crypto market after it."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $366,194,768,493.
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