Bitcoin has started the week with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $39,274.39 (+1.21%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $1,635.14 (+0.29%), while XRP has dropped by 2.37% and is now trading at $0.423.
FxPro's team of analysts say:
"The weekend has been really productive for Bitcoin. The reference cryptocurrency has once again broken through the $40,000 threshold and met resistance from the bears around $41,000. Sellers and buyers have been battling for a while, but in the end, the bears have emerged victorious. On Sunday night, Bitcoin was trading at around $38,000, however, it is not easy to figure out which side has taken the victory. Of course, the mere retest of the psychological and technical level of $40,000 suggests the market is ready for a quick test of $50,000.
The stock market continues to rally on the back of new US president Joe Biden's approval of the next stimulus package. How far bubbles in the traditional and crypto markets can inflate without bursting is hard to say. Most likely, the bears are waiting for more decisive signals from the market before switching to more active stocks.
The greed and fear index has lost 3 points over the past day to 83, which corresponds to the 'extreme greed' area. The RSI index on the daily chart shows moderate dynamic without obvious jumps to overbought. At the start of the workweek, Bitcoin has added 1.5% and is trading at around $39,000."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,199,567,067,876.
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