Bitcoin has started the day registering minor gains. At press time, the largest cryptocurrency by market cap is trading at $16,164.93 (+1.8%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $457.43 (-1.34%), while XRP has dropped by 1.08% and is now trading at $0.254.
FxPro's team of analysts say:
"Bulls and bears have been in a fierce battle for 24 hours, and at the moment bulls are winning. The benchmark crypto has led several attempts to exceed $16,000, and during the early hours of Thursday, the buyers have won. At the end of the workweek, Bitcoin has posted a growth of 4% and is trading at around $16,300. If the crypto ends the week above $16,000, and if it is also able to approach the $17,000 mark, there is a chance it will end up reaching $20,000.
The FOMO (fear of missing out) can neutralize the influence of any technical indicator and sweep away any resistance level, however, it should not be forgotten this is not a unilateral process: a stop in growth can quickly turn into a sell-off for profit, as many investors will try to be the first to get their profits. The greed and fear index has remained in the 'extreme greed' area since last week, indicating strong overbought and suggesting a correction is imminent.
Regardless of whether the crypto has been associated with the tulip mania and the collapse of dotcoms, the reality is that this mathematical algorithm is outperforming gold, stocks and other assets. Since the beginning of the year, the price of Bitcoin has risen by 127%, and the irony of the situation in the global market is such that the cryptocurrency could end the year above $20,000 or below $5,000."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $460,489,926,522.
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