Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $36,858.38 (+2.5%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $2,653.05 (+8.26%), while Tether remains unchanged at $1.
FxPro's team of analysts say:
"Bitcoin has added 7% over the past 24 hours to settle at $37,000. Even though this is not the $40,000 so necessary to strengthen confidence in the prospects of the cryptocurrency market, we have yet not seen a steady drop below the $35,000 support level.
The past month of May has turned out to be the worst in Bitcoin's history. This can't help but affect the mood, and most contrasting is crypto bull Max Keiser's forecast for BTC growth this year to $220,000. The problem is that after the collapse of late 2017, many crypto market participants have become immune to such statements. Today, most people do not believe in a word, but in an invested dollar. Perhaps in the future, even Elon Musk's tweets will cease to have the effect they had at the beginning of the year.
Market participants are waiting for specific news about investments from large market participants. It is safe to say that Bitcoin's current jump toward $65,000 was made possible in large part due to Tesla's investments. Without such a noisy entry into the market by Elon Musk, BTC's upward momentum might well have been lost on the way to $40,000. Investments in BTC by large capitals did not allow BTC to fall below $30,000, but they simply cannot be an eternal guarantor of the asset price."
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 $1,635,055,669,102.
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