Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $12,903.21 (+0.88%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $413.95 (+4.65%), while XRP has increased by 0.3% and is now trading at $0.257.
FxPro's team of analysts say:
"Even though Bitcoin has attempted to test the $13,000 level several times over the last 24 hours, the crypto has encountered the pressure of sellers on all of them. The current dynamic of the currency is pretty predictable, since after a rapid growth it is necessary to go through a consolidation process near the occupied levels and demonstrate its stability in them. In the meantime, the crypto will suffer pressure from investors less confident in the prospects of Bitcoin as well as from those who have decided to withdraw their profits after the recent upturn in the crypto.
Since the beginning of the week, the capitalization of BTC has grown by nearly $30B, perfectly reflecting the current positive market sentiment. However, unlike 2017, when the upward cycle wiped out all levels of resistance, there are now significantly more players and financial flows in the market, which means the break-even process is stronger after reaching new levels. The greed and fear index for Bitcoin and the largest cryptos has jumped by 22 points to 74 since last week, placing it in the 'greed' area.
The RSI for the BTC/USD pair has started to fall from the overbought area. The imminent elections in the US, the inability to agree on new incentives, as well as the internal news about cryptos could lead to an increase in crypto purchases."
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 $392,628,102,657.
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