Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $38,588.27 (+4.28%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $1,197.92 (-0.14%), while XRP has increased by 11.44% and is now trading at $0.326.
The bulls have managed to push the crypto above $40,000. According to CoinDesk, the reference cryptocurrency yesterday hit $40,324 thanks to its great trading volume in the spot market. However, shortly after this, it lost $3,000 in just 30 minutes, although the bulls entered the scene again and have pushed the crypto back to $39,000.
Guy Hirsch, managing director for US of the brokerage firm eToro, has said that the upward movement of Bitcoin is fueled by forecasts from companies such as JPMorgan and Guggenheim, which believe the price of Bitcoin could reach $146,000 and $400,000, respectively.
The constant growth of the cryptocurrency market has resulted in its market capitalization exceeding the $1T barrier for the first time in its history.
However, Bitcoin is not the only asset that is enjoying meteoric growth. Ethereum has recently surpassed its all-time high of $1,200, a level it has not reached since January 2018.
According to CoinMarketCap’s ranking, 2 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,036,959,886,056.
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