Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $37,362.5 (+3.39%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $1,378.23 (+13%), while XRP has jumped by 10.45% and is now trading at $0.306.
FxPro's team of analysts say:
"Bitcoin has grown more than 4% over the past 24 hours and is currently trading at around $36,000, developing a consolidation process. At the same time, the corrective setbacks are less and less deep, however, the upper limit is still the $40,000 level.
Ether (ETH) has experienced a rather impressive growth of 10% during the last day and its current price is over $1,300. Even though the currency has not yet managed to exceed its ATH, there is less and less doubt among market participants it will end up doing so. We still have time until the February launch of ETH futures on the CME platform to see significant growth.
The greed and fear index for Bitcoin and the largest cryptos has shown almost no change during the last day, adding up to 80 points, remaining this way in the 'extreme greed' area.
If Bitcoin is able to pass the $40,000 threshold with confidence, we may see a new FOMO boost among crypto market participants in which users who have withdrawn their profits could reopen positions in anticipation of new highs. As Bitcoin approaches $50,000, the likelihood of a large scale correction will increase significantly. Psychologically, it will be difficult for the market to exceed such a high value, although forecasts are increasingly optimistic."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,062,731,612,976.
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