Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $40,518.8 (+4.03%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,887.04 (+8.94%), while Tether has increased by 0.02% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has risen 4% over the past 24 hours and is currently trading at around $40,000 after recovering from the drop at the end of the previous day. The consolidation after the collapse could lead to a quick bounce, at least a corrective bounce.
The altcoins market is also showing a fairly confident intent to grow. News continues to come out of China about measures to combat crypto mining, but we see that Bitcoin has already 'digested' all of this and is moving forward.
So far, bad news expires much faster than good news. This creates tempered optimism, however, it is worth remembering now the phrase 'what doesn't grow, eventually falls' will be especially relevant to the crypto market. BTC's inability to grow above the $40,000 threshold could be costly for the entire market.
Institutions will have a say at the end of the week, while the retail sector is usually more active over the weekend and it is quite possible this week will become an important element of the basis for Bitcoin's medium-term price dynamic."
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 $1,775,566,810,600.
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