Bitcoin has started the day posting major gains. At press time, the largest cryptocurrency by market cap is trading at $36,296.59 (+5.8%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $1,128.84 (+5.5%), while XRP has jumped by 8.21% and is now trading at $0.304.
FxPro's team of analysts say:
"Yesterday was a very busy day for Bitcoin and the crypto market in general. Corrections are an inevitable consequence of the transition to new rally stages, however, without a long-term strategy, it is easy to succumb to a wave of panic.
Digital currencies are able to go through stages of growth, correction, consolidation and return to the rally quickly in a matter of days. The current situation may fit a similar pattern: in just a few days, Bitcoin has lost $10,000 and has grown again.
Over the past 24 hours, Bitcoin has posted an increase of 2% and is currently trading around $36,000. Altcoins are also following the example of the reference crypto.
Cautious investors must now pay close attention to price movements in order to determine the future prospects of the market.
If the recovery turns out to be strong enough, as it did last week, it will strengthen the upward momentum for the whole market.
The greed and fear index has lost another 6 points during the last day to 84, at the limit of the 'extreme greed' area. On the other hand, the RSI has stopped decreasing and now shows new attempts to grow again."
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 $977,970,683,970.
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