Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $38,717.19 (+3.63%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $2,834.17 (+4.92%), while Binance Coin has risen by 10.17% and is now trading at $413.43.
FxPro's team of analysts say:
"Bitcoin is rising slightly over the past day adding more than 5% to $38,000. The altcoin market is also showing an attempt to return to growth, demonstrating even significantly higher growth rates. The $40,000 threshold has now become an extremely important resistance level for the market, serving as a barometer of investor sentiment and near-term prospects for the crypto market.
This attempt to break a series of declining peaks over the past two weeks is acting as a bullish signal, indicating the possibility of a recovery by buyers in the coming hours.
The greed and fear index for Bitcoin and the largest cryptos is still in the 'extreme fear' area. According to its nature, at current values this index should indicate broad prospects of a growth reversal, but in fact, the uptrends and downtrends may be very prolonged.
It looks like less persistent cryptocurrency enthusiasts have already sold their assets, which have been passed into the hands of large institutional investors who intend to wait for growth. This has stopped a further decline, and if market participants create momentum for continued growth beyond $40,000, we may well see a revival in demand from non-professional investors."
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 $1,743,417,491,226.
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