Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $18,483.35 (+3.5%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $578.26 (+6.84%), while XRP has dropped by 0.88% and is now trading at $0.615.
FxPro's team of analysts say:
"Bitcoin has enjoyed an increase of more than 4% over the last day and is currently trading at around $18,500. As a result, the benchmark crypto has once again passed the $18,000 barrier with confidence and is heading to the next round level on its way to $20,000. For their part, altcoins are still paying attention to the price dynamic of BTC, however, they are already showing signs that their price dynamic is changing. Thus, Ethereum (ETH) has increased by almost 8% over the past 24 hours and its price is approaching $600.
The greed and fear index for Bitcoin and other major cryptocurrencies in the 'extreme greed' area. The indicator has remained unchanged since November 6 and will most likely not move to a more moderate position until the crypto market experiences a correction. It should be noted digital currencies can ignore difficult situations for quite some time due to the FOMO, which creates an inflow of capital into the market.
However, this situation cannot last forever and, once it reaches its historical peak, Bitcoin can still start a sell-off in the market. This will reset technical indicators, take out investors who have been holding assets for a long time waiting for a good time to sell out of the market, and also reduce investor optimism. As a result, the market will be filled with fresh capital aimed at reaching new highs."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $549,974,962,747.
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