Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $18,271.48 (+3.32%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has jumped to $498,16 (+5.34%), while XRP has increased by 4.4% and is now trading at $0.301.
FxPro's team of analysts say:
"Although Bitcoin is still posting record growth, we are increasingly witnessing downward momentum as well as a slowdown in growth. Bitcoin has increased by 2% over the past 24 hours and is currently trading at around $18,100.
However, investors seem to be confused. On the one hand, this is blocking the wave of new demand. On the other hand, most potential sellers are waiting for new events to trigger new growth. They all know technical indicators reflect that the asset is overbought and sooner or later this should end in a correction that has not yet started.
The greed and fear index for Bitcoin and the largest cryptos has lost 8 points over the past 24 hours to 86, however, it remains in the 'extreme greed' area. The RSI index has risen to 90 points, a level that it has not reached since the end of 2017. However, the formal signal to sell is not yet its extreme levels, but rather a return to overbuying, which is the reason why growth should stop or a sale should be initiated.
The miners' income on November 18 amounted to approximately $21M. The deVere Group has just published the results of a survey in which the majority of the big investors say they plan to buy the main cryptos. Deutsche Bank has pointed out the increase of Bitcoin and the fall of gold, linking both events. For its part, the hashrate of Bitcoin is trying to reach new highs.
All the above is creating a feeling of possibility for continued growth. However, we must be cautious, as the market will start a rebalancing process sooner or later."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $511,945,570,827.
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