Bitcoin has started the day posting gains. At press time, the largest cryptocurrency by market cap is trading at $51,004.85 (+4.6%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $1,804.43 (+0.73%), while XRP has dropped by 5.38% and is now trading at $0.528.
FxPro's team of analysts say:
"Bitcoin is once again trading above the precious $50,000. The growth dynamic is quite moderate, without encountering significant corrections, which further consolidates the growth.
The post-jump consolidation process following Elon Musk's announcement that Tesla has invested $1.5B in Bitcoin seems to be over with another stage of growth ahead. All cryptocurrency market participants, from lay retail investors to institutional investors and whales, expect the crypto to rise to $60,000, a level at which the asset will face one of the most serious tests in the current rally.
Another boost to the growth of the reference cryptocurrency has been MicroStrategy's announcement of its intention to raise $600M by placing bonds to purchase another portion of Bitcoins. The company is going all in, as many consider the current price levels to be an already overheated market. However, everyone understands market participants are following this news closely and it will undoubtedly strengthen the will of most to hold the asset for a while.
Glassnode's latest report notes Bitcoin is now completing only the initial accumulation stage and is entering an active growth phase, similar to what we saw during the latter half of 2017."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,521,433,053,208.
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