Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $56,849.33 (+4.06%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $3,431.71 (+4.13%), while Binance Coin has increased by 0.18% and is now trading at $640.61.
FxPro's team of analysts say:
"Bitcoin has added more than 4.5% over the past 24 hours and is currently moving around $57,000. The return to growth may be due to the US Treasury chief's hasty rejection of her words about raising rates. The markets are so afraid of this development that even the verbal statements of the former head of the Fed have provoked such a negative reaction. When Janet Yellen hastened to clarify what she meant, market participants have returned stocks to a positive sentiment. The crypto sector has also regained its composure. However, the overall situation has shown how fragile the growth of both markets is and how explosive a massive sell-off can be if it ends up occurring, in which case there will be no one capable of calming the situation.
Since Coinbase's direct IPO, Bitcoin has lacked triggers for further growth. The Bitcoin dominance index has fallen to 45%, while the indicator has lost an impressive 10.5% over the last month. Therefore, we can say that we are now seeing an approach to the peak points of the altcoins' season. In early 2018, before the onset of the crypto winter, the BTC dominance index stood at 32%, however, given the fundamental changes in the market structure, the current margin of market strength may prove to be more significant."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,353,076,524,626.
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