Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $56,092.20 (+1.65%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $1,785.02 (-0.29%), while XRP has dropped by 5.36% and is now trading at $0.464.
FxPro's team of analysts say:
"Bitcoin has partially recovered from the decline and is currently trading at around $56,000. Even though the crypto has posted an increase of almost 5% over the past 24 hours, the asset has lost $6,000 from its all-time high. The local low for the cryptocurrency has been at $53,000, which can also be considered a very good intermediate result, as the correction quickly turned into a consolidation around $55,000.
The break of the uptrend could be confirmed with a drop to $44,000, which was the low of the previous correction. But for now, the BTC price remains at a great distance from this inflection point. In the near future, this could well lead to another price rebound as well as a retest of the all-time high.
The greed and fear index for BTC and the largest cryptos has shown steady value over the past 24 hours, remaining in the 'greed' area, corresponding to 71 points, which suggests there is room for further growth. The RSI for the BTC/USD pair has fallen sharply since March 13, currently sitting far from the overbought area, which also indicates there is room for growth."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,726,998,357,092.
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