Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $37,313.35 (+1.39%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,694.01 (+1.65%), while Tether has dropped by 0.07% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin records a slight decline of 1.5% over the past day and is currently trading at $36,600. The market has frozen in anticipation of new triggers, however, Bitcoin's inability to break above $40,000 as well as the constant flirtation with the support level may end in increased pressure.
The greed and fear index for Bitcoin and the largest cryptos is at 23, which corresponds to the 'extreme fear' area. Strictly speaking, it is rising, but without optimism in the markets, it only reflects the formation of room for a new bearish attack.
Trading volume remains subdued at $33 billion, indicating investors are choosing to stay on the sidelines. Increasingly, the market has started to issue strong statements about the possible continuation of Bitcoin's decline. Market participants make historical references, recall the cyclicality, generally reflecting high anxiety and doubts about future prospects.
The irony is that the main concerns around cryptocurrencies used to be related to pressure from regulators or hacker attacks, while, in fact, the current bullish growth cycle has been disrupted by 'green' and new corporate governance principles that should fit into the overall US 'party politics'."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,659,933,839,725.
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