Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $33,825.76 (+0.34%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $1,307.03 (-3.12%), while XRP has jumped by 44.85% and is now trading at $0.659.
FxPro's team of analysts say:
"Bitcoin is recording a zero price dynamic over the past day and is currently trading at around $34,000. As expected, the 'Musk Rally,' which pushed the price of the coin above $38,000, has ended in a sharp sell-off that has resulted in the coin returning to its previous price levels. The total capitalization of the crypto market remains above $1T, supporting the positive sentiment among investors. The greed and fear index for Bitcoin and the largest cryptocurrencies has virtually experienced no changes over the past 24 hours, remaining in the 'extreme greed' area at around 77 points.
We are now seeing the more moderate form of this regime. The RSI on the daily chart also remains away from overbought levels. If big money has now switched to a wait-and-see mode before making further Bitcoin investment decisions, then the moves by Grayscale, which has bought 40,000 BTC since the beginning of 2021, may lead us to believe that further upside in prices is possible. During this period, 26,000 BTC have been mined, highlighting the scarcity of the asset in the market."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,009,191,709,293.
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