Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $34,210.83 (+1.51%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $1,407.66 (+6.93%), while XRP has dropped by 37.56% and is now trading at $0.361.
FxPro's team of analysts say:
"Bitcoin remains near the previously occupied level of $34,000, showing growth of just over 1% over the past 24 hours. Previously, retail investors were seen as a fragmented force that could not support large capital.
However, the primordial spirit of cryptocurrencies that emerged in opposition to the financial leaders has returned to power. The results of coordinated speculation have turned out to be short term as greed has been even stronger. Yesterday's XRP rally has also been very short-lived. The sell-off was probably initiated by numerous people who wanted to cash-out their profits amid XRP's troubles with the US regulator. However, the coin now registers a 35% drop over the past day.
Elon Musk's statements regarding Bitcoin's prospects are also associated with the stability of the cryptocurrency, suggesting Musk himself may have invested in BTC. However, all the speculative and natural dynamic are not enough to push the currency to retest the all-time high above $40,000, while the rather strong influence of individual speculations indicates the extreme volatility and shallowness of the market as a whole."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,029,483,457,748.
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