Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $38,251.4 (+5.07%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $1,672.67 (+7.62%), while XRP has jumped by 3.57% and is now trading at $0.392.
FxPro's team of analysts say:
"Bitcoin has added 4.5% over the past 24 hours and is currently trading above $38,000. The altcoins are also rising, led by Ether, which has grown by more than 8% over the past day and is currently trading at around $1,700. As a result, the leading altcoin has confidently surpassed its previous all-time high at around $1,400 and continues its upward movement as the CME futures launch approaches. The event could carry high correction risks, as the launch of Bitcoin futures on CME back in 2017 resulted in a sharp sell-off of the asset.
The Bitcoin dominance index is gradually declining, currently standing at 61.7%, which is considered a healthy sign for the market as a whole, as investments are distributed among crypto assets more evenly. The total market cap of cryptocurrencies continues to grow confidently above $1T.
The greed and fear index for Bitcoin and the largest cryptos has added several points over the past day to 80, which corresponds to the 'extreme greed' area. Over the past few months, the index has been almost constantly in that area, indicating a high probability that a correction could start at any moment. The situation in the crypto market correlates well with the traditional market, where the overbought state has been the predominant one for a long time, however, assets continue to grow, driven by incentives and a distorted global financial situation in general."
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 $1,156,627,844,504.
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