Bitcoin has started the day experiencing significant gains. At press time, the largest cryptocurrency by market cap is trading at $36,052.23 (+5.57%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $1,522.99 (+8.2%), while XRP has jumped by 5.94% and is now trading at $0.383.
FxPro's team of analysts say:
"Bitcoin has added 8% over the past 24 hours and is currently trading at around $36,500. Likely reasons include the US president Joe Biden's refusal to roll back the stimulus program, which will lead to increased investment flows into many assets, including Bitcoin. On top of that there is the influence of Elon Musk and the ongoing purchases by the crypto community. In spite of the increasing warnings that we are in a stock-market bubble, most participants are not yet in a hurry to sell, as they understand that further growth is possible within the current global financial landscape.
The rest of altcoins are also rising, among which Ether (ETH) and Litecoin (LTC), which have increased by 12% and 14%, respectively, stand out. Against this backdrop, the total market capitalization of cryptocurrencies keeps rising, reaching $1.1T.
The greed and fear index for Bitcoin and the largest cryptocurrencies has registered an increase of several points over the course of the last day to 78, which corresponds to the 'extreme greed' area. While this should signify a near correction, in the current market, such a reaction could come with a significant delay."
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 $1,082,771,624,395.
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