Bitcoin has started the day posting gains. At press time, the largest cryptocurrency by market cap is trading at $38,819.03 (+5.52%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,634.88 (+15.2%), while Tether has increased by 0.02% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin managed to bounce back to almost $40,000 during yesterday's trading. At the moment, the leading crypto is up nearly 9% and is trading at around $38,500. Against this backdrop, the altcoins market is making a similar attempt, resulting in the total crypto market cap adding $200 billion in one day to $1.6 trillion.
However, so far this is an extremely small consolation considering that until recently the market was showing a total market capitalization of $2.5 trillion. The unexpected help has come from billionaire Ray Dalio, who has given his public support to BTC. The founder of Bridgewater Associates sees the benchmark coin as a hedge against inflation.
Apparently, in the near future, we may hear similar statements from other big businessmen who have invested in BTC at various stages and will now try to keep up the demand momentum. However, we should be wary not only of overtly negative factors, such as statements from Chinese authorities, but also of attempts to support Bitcoin, as they may indicate a willingness to sell after a rebound. We are currently at a stage where recent optimists may turn into quiet bearish ones, as they do their best to close positions at maximum profit."
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 $1,666,705,471,530.
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