Bitcoin has started the day posting gains. At press time, the largest cryptocurrency by market cap is trading at $57,166.93 (+2.98%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $4,316.26 (+9.58%), while Binance Coin has risen by 3.54% and is now trading at $672.5.
FxPro's team of analysts say:
"Bitcoin has added almost 5% over the past 24 hours to over $57,000. However, this is a very modest dynamic even compared to the dynamic of altcoins. The main protagonist has been Ether, which is up 12% in one day and is trading above $4,300. Apparently, when market participants have doubts about Bitcoin's future prospects, they put their interest in the biggest altcoin on the market.
We should not forget that at the end of the 2017 rally, investors also actively believed Bitcoin could lose market share and give way to younger, more flexible participants. In the early stages, this even served as an excuse for Bitcoin's decline. However, the practice soon showed that without the growth of the first cryptocurrency, the entire market retreats, and Bitcoin plays the role of a safe haven in this sector, so it subsequently regained its dominant position in the market. So far, it remains one of the few destinations that attracted large capital demand during the crypto winter. The inability of the reference crypto to break above $60,000 is putting a lot of pressure on market sentiment, but it is too early to ignore BTC."
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 $2,537,973,102,588.
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