Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $13,649.96 (+4.09%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $396,68 (+0.77%), while XRP has dropped by 0.43% and is now trading at $0.249.
FxPro's team of analysts say:
"Bitcoin has increased by 4.5% over the last day and is currently trading at around $13,700. During the specified period, the crypto has not encountered any obvious resistance from sellers. However, bears may gain strength as it approaches $13,000. If Bitcoin is able to recover quickly after the correction once again, the confidence of participants in the market in the prospects for the reference crypto will continue to strengthen, leading to increased purchases.
The increase in the price of Bitcoin is supported by a 23% jump in its trading volume over the last 24 hours. The current growth momentum could be fueled by news that one of the largest transactions in the history of Bitcoin (over $1B with a commission of just $3.5) has recently been registered. According to Whale Alert, the address of the sender's wallet belongs to the crypto custodian Xapo. The transaction does not seem to be aimed at manipulating the market, but rather highlights the advantages of the reference crypto and the market as a whole.
The greed and fear index for Bitcoin and the largest cryptos has added 9 points in one day, placing it in the 'greed' area, however, there is still room for growth. Furthermore, if Bitcoin manages to complete a consolidation process at around $14,000 without finding too many problems on its way, the technical indicators will reflect a high probability of further growth. At this stage, the ideal scenario for Bitcoin would be to break its correlation with the traditional market and move in the opposite direction. Investors are looking for assets that can generate returns in the face of extreme geopolitical and economic turbulence, and Bitcoin could be an excellent option, at least for diversifying portfolios."
According to CoinMarketCap’s ranking, 4 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $403,938,904,483.
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