Bitcoin has started the day experiencing major gains. At press time, the largest cryptocurrency by market cap is trading at $38,502.33 (+10.24%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $1,166.6 (+7.97%), while XRP has dropped by 0.61% and is now trading at $0.296.
FxPro's team of analysts say:
"The restoration of risk appetite in global markets in the hope of a stimulus from the US has helped Bitcoin. The crypto is trying to return to growth, adding more than 12% over the past 24 hours and approaching $38,000. The mere fact that the crypto is returning to the path of growth so quickly could stimulate buyers.
Altcoins are following the example of the reference crypto. As a result, the total capitalization of the crypto market has once again exceeded $1T. This is now a significant threshold level that could strengthen the basis for growth in the sector if the price of the crypto remains above it.
If at the end of the week Bitcoin manages to exceed $40,000 again and stay above this level, the rally could shift to a new stage, where even the most skeptical investors will no longer have any doubts.
Probably the most difficult resistance level for Bitcoin after the $20,000 battle will be $50,000. This is a very high price level, which is of great psychological importance for all participants in the cryptocurrency market. Meanwhile, we are witnessing another return to the growth of the greed and fear index, which has increased 5 points in one day to 83, moving to the 'extreme greed' area."
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 $1,033,671,801,418.
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