Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $33,803.94 (+7.72%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $1,327.79 (+2.89%), while XRP has jumped by 9.18% and is now trading at $0.281.
FxPro's team of analysts say:
"Bitcoin has increased by 4% over the past day and is currently trading at around $32,500. The cryptocurrency has again attempted to advance to $35,000 overnight, however, it has found strong resistance just above $34,000. As part of the new growth attempt, the crypto's trading volume has reached $82B, a historically high level. As a comparison, during the 2017 rally, when Bitcoin hit $20,000 for the first time, the peak trading volume barely topped $22B. The greed and fear index has added 22 points in 24 hours to 77, which corresponds to the 'extreme greed' area.
The RSI is in neutral territory, away from overbought levels, suggesting there is room for growth.
An important precedent in the market will be the heating up of shares as well as the Dogecoin cryptocurrency by small investors coming together in clusters via the Reddit platform. It is not the first day the market has been lambasting the coin, thanks to which the joke cryptocurrency DOGE has become the ninth largest cryptocurrency in terms of capitalization with a 300% increase over the last 24 hours. Initially, the project caused a lot of controversy, however, it was able to stay afloat and thanks to such actions the coin has repeatedly grabbed the attention of the whole cryptocurrency community, which, of course, does not help to improve the reputation of digital currencies as a whole."
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 $958,423,693,987.
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