Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $18,176.02 (+8.67%), according to CoinMarketCap.
Bitcoin's market cap has recently reached a new historical record, surpassing the records of 2017.
Analysis firm Coin Metrics has said the capitalization of Bitcoin has exceeded $328.89B, which was reached on December 16, 2017. The indicator has reached $329.91B
At the same time, the number of open positions in Bitcoin futures on the Chicago Mercantile Exchange (CME) is approaching the 1,000 million mark. The open interest in CME has updated its historical maximum, surpassing August's figures.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has jumped to $479.67 (+3.37%), while XRP has dropped by 1.73% and is now trading at $0.295.
FxPro's team of analysts say:
"Bitcoin has undergone great changes over the last day. This morning, the crypto added about $1,750 to $18,300, however, it has suffered a slight correction since then. It must be noted the drop has coincided with an increase in trading volumes. After falling to $17,500, the currency's price is still higher than yesterday. However, it is likely to continue falling.
The greed and fear index for Bitcoin and the largest cryptocurrencies has added 5 points in one day to 91 and remains in the 'extreme greed' area, indicating a high potential correction.
After such a rapid growth, a really favorable scenario for Bitcoin would be to fall to the resistance levels that have been broken, turn them into reliable support levels, calm down the overbought technical indicators, go through a consolidation process and then grow again with renewed strength. As a result of recent price changes, the Bitcoin dominance index has risen by 1.5% over the last 24 hours. The total capitalization of the crypto market has surpassed the $500B level, driven mainly by the growth in the price of the reference crypto. It is important to remember that the chances of investors starting to withdraw their profits at these levels are much higher."
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 $505,570,939,981.
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