Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $16,691.2 (+2.75%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $463.8 (+2.28%), while XRP has increased by 9.69% and is now trading at $0.298.
FxPro's team of analysts say:
"Bitcoin has added more than 4% over the last day and is currently trading at around $16,600. The reference crypto has been slowly but resolutely approaching the $17,000 barrier, however, growth has lost momentum at $16,800. In spite of this impressive growth, the greed and fear index of Bitcoin and the largest cryptos has lost 4 points to 86 over the course of the last day, remaining in the 'extreme greed' area. A decrease in the degree of Bitcoin purchase leads to a decrease in the rate, but also allows the price to develop growth.
In a way, we are currently experiencing a situation similar to that of the stock market in the context of Bitcoin. Everyone knowns stocks are overbought, however, the fundamental conditions are such that buyers are still there and sellers still do not want to leave the market.
Over the past 24 hours, not only Bitcoin has been growing, but almost all the altcoins are in positive territory. The most impressive indicators are that of XRP and Litecoin, whose price has registered a spectacular rise of 11.5%. The top 100 coins are also almost all in green. In addition, demand is returning to the DeFi sector once again. As a result, the crypto yearn.finance (YFI) has increased by 12% in just one day and has once again passed the $20,000 mark. The total capitalization of the crypto market has added almost $13B in one day to $475B, getting closer and closer to the $500B barrier."
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 $477,333,676,754.
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