Bitcoin has started the last day of the workweek in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $58,082.21 (+1.6%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $2,080.62 (+2.94%), while XRP has risen by 9.14% and is now trading at $1.02.
FxPro's team of analysts say:
"The crypto market has experienced a short-term local correction and continues to move cautiously higher. The most pronounced positive dynamics are most noticeable among altcoins, however, Bitcoin is also growing. The reference crypto has added around 2% over the past 24 hours and is currently trading at around $58,000, which can be considered a good result after the rapid fall and rebound.
In global markets, the S&P 500 has continued to rise after the Fed announced the continuation of its stimulus policy. The main contribution to Bitcoin's growth has been made by big money, which means it will continue to do so.
Glassnode has found miners are hodling the mined Bitcoins in anticipation of rising prices. Direct transfers to exchanges are down 40% since mid-March. It is difficult to say what level miners and other investors are waiting to cash out their profits. Big money and the state of the global economy have created the necessary conditions for market growth."
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 $1,969,495,966,618.
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