Bitcoin has started the first day of the workweek in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $60,810.54 (+2.22%), according to CoinMarketCap. Bitcoin hit $61,000 over the weekend.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $2,188.1 (+3.11%), while XRP has risen by 0.32% and is now trading at $1.39.
FxPro's team of analysts say:
"Bitcoin had a very active weekend in which it broke above $61,000 and then dropped below $59,000. At the start of the workweek, the reference crypto is showing almost no change and is trading around $60,500.
The current price fluctuations are occurring with low trading volumes. Over the past day, the figure has fallen by 20%. The active growth of altcoins has boosted the total cryptocurrency market capitalization to almost $2.1T. The most impressive one-day growth is shown by the Binance Coin (BNB) with a 21% jump, while the crypto has experienced a 57% increase over the past week. Meanwhile, the XRP token is up 91% over the past week and is currently trading around $1.3 amid another success for the company in the fight between Ripple and the SEC.
Continued growth in the S&P 500 is likely to support Bitcoin's momentum going forward, while overall, the benchmark crypto is at a critical juncture for the future prospects of the currency and the broader market.
The acceptance of the asset by institutional players does not allow the market to slide into a correction. The low profitability of other assets, the endless stimulation of the US economy, as well as the active introduction of BTC into traditional settlement systems, is quite capable of ensuring further growth of the benchmark cryptocurrency. An important change is that now the attention of major players can also be extended to leading altcoins, for which infrastructure solutions are also emerging."
According to CoinMarketCap’s ranking, all currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,098,797,274,981.
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