Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $19,445.07 (+2.95%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $606.63 (+2.47%), while XRP has jumped by 2.29% and is now trading at $0.629.
FxPro's team of analysts say:
"Even though BTC keeps falling, its price is still around $19,000. Neither the bulls nor the bears have a clear advantage in this tug-of-war. Altcoins are following the reference crypto's trend, meanwhile, the total capitalization of the crypto market is gradually advancing towards $600B. As a result, the crypto market has not yet reached the values of early January 2018, when its total cap amounted to $830B.
However, if we compare the daily trading volume, the situation is exactly the opposite. When the market hit its maximum capitalization, the daily trading volume was $45B, well below the current $160B, and at times of large market movements, around $300B.
The greed and fear index for BTC and the largest cryptos is in the 'extreme greed' area at 92 points. However, the RSI index reflects a much more moderate image, moving away from the overbuying area.
If Bitcoin manages to finish the week above $19,000, this could be considered a victory for the bulls. If the currency successfully passes the consolidation process close to interesting levels, in the near future we will see continued growth as well as exceeding the expected $20,000."
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 $571,408,365,109.
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