Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $18,530.79 (+0.48%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $617.76 (+6.42%), while XRP has increased by 53.7% and is now trading at $0.7.
FxPro's team of analysts say:
"Bitcoin is not the protagonist of the last day, even falling slightly. It's altcoins which are getting all the attention.
Almost all coins are growing, and an especially strong dynamic is developing around XRP, which has increased by 56% over the last day. In this context, the Bitcoin dominance index has fallen rapidly to 60% after losing 3 points in just one day. Now, the main buyers of the crypto market are most likely retail investors, who are attracted by the growth of Bitcoin. However, the high price of the benchmark crypto scares off retail buyers, while altcoins are much more affordable.
Even though Ethereum has exceeded $600, it has fallen below this level during the morning. However, no matter how strong the current demand for altcoins is, in the end it is Bitcoin which sets the initial tone of the market. If the reference crypto does not keep growing or enters a correction phase, this will trigger an equally tough liquidation of altcoins, which are currently enjoying unprecedented growth in recent years."
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 $568,258,486,885.
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