Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $16,225.71 (+1.27%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $453.59 (-1.15%), while XRP has dropped by 0.1% and is now trading at $0.273.
FxPro's team of analysts say:
"The tug-of-war between the bulls and the bears has focused on the $16,000 level. However, the bulls seem to be winning the battle at the beginning of the workweek. Bitcoin has added almost 2% over the last 24 hours and is currently trading at around $16,200. The trading volume of the crypto has remained at reduced levels according to recent standards, around $25B. The market cap of the benchmark crypto has exceeded $300B, while the BTC dominance index remains at 65%.
Altcoins seem not to have taken a clear direction while waiting for new movements from Bitcoin. However, the total capitalization of the cryptos hits almost $462B. This indicator added $19B during the last week. Exceeding the $500B mark could have a positive impact on participants in the crypto market.
The greed and fear index for Bitcoin and the largest cryptos has remained in the 'extreme greed' area at 90 points since last week, however, buyer support and fear of being the first to sell has not led to a massive sale, becoming a serious force against technical indicators. This week could be a turning point in the Bitcoin price dynamic, as investors expect the price of the crypto to be more defined after the consolidation period."
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 $462,934,285,200.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.