Bitcoin has started the day registering minor gains. At press time, the largest cryptocurrency by market cap is trading at $47,597.69 (+5.62%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has grown to $1,769 (+1.38%), while XRP has increased by 10.53% and is now trading at $0.567.
FxPro's team of analysts say:
"Today, bitcoin has again experienced an increase in sales when it tried to break through $48,000. However, during the previous day, the growth was almost 6% to $47,000, and during the week the strengthening reached 30%. The Bitcoin dominance index remains stable at around 61%.
The total market capitalization of cryptocurrencies amounts to $1.5T. For its part, Bitcoin's capitalization is approaching $900B. The fact that the capitalization of the benchmark cryptocurrency exceeds $1T will be of significant psychological importance for market participants, as it will clearly attract media attention. Indeed, this may be comparable to when BTC first surpassed $20,000, as it will convince investors of the strengthening base of the benchmark digital currency.
It is likely that we will soon see the emergence of new statistical tools from established data providers in the traditional market, which institutional investors will perceive as more reliable than the existing ones. CoinMarketCap is often accused that its data is outdated, mainly in relation to the increasing trading volumes of the largest exchanges on its list. Transparent data will have to become another element on the road to the recognition of the cryptocurrency market as an option for smart money investing."
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 $1,447,044,438,830.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.