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Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $59,616.41 (+2.88%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has increased to $1,851.7 (+1.88%), while XRP has fallen by 2.48% and is now trading at $0.562.

FxPro's team of analysts say:

"Bitcoin has added 2% over the past day and is currently trading at around $59,000. The ability of the reference cryptocurrency to not only hold positions, but also to target the next round round level again makes market participants think that the currency could continue to grow. Positive news for the market is the news from PayPal that its US customers will be able to use their crypto assets, including Bitcoin, Ether, Litecoin and Bitcoin Cash, to pay at a large number of merchants connected to the system.

To complete transactions, users will have to convert their Bitcoins to fiat. This makes PayPal one of the first reputable payment services to come so close to integrating digital assets into the mainstream market.

The recent boost to the price of Bitcoin has been backed by several major companies, including Tesla and Visa. So far, this is only serving to keep it near its all-time high. However, this can be considered an ideal scenario for the currency after the correction it has recently undergone that has resulted in impressive position liquidation in the market.

In the context of so much positive news, the consolidation process may not take too long. However, we still have to wait for the regulators' reaction. What happened with Facebook's Libra makes investors take a cautious stance on the merger of large retailers and cryptos."

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 $1,879,858,803,517.

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