Main page News

Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $34,302.9 (+3.99%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has risen to $2,524.15 (+0.21%), while Tether has increased by 0.01% and is now trading at $1.

FxPro's team of analysts say:

"Bitcoin is trading at roughly the same levels as yesterday at around $33,000. As the price has fallen and the subsequent rebound attempt, trading volumes have increased, however, these have not been enough to support growth. Market participants assume large funds may lose interest in the reference crypto as the economy unlocks and restrictions are lifted due to the epidemic, resulting in profit withdrawal and market exit.

The growth of Bitcoin is often associated with high-profile investments and statements by entrepreneurs in the media, however, it is quite likely that the driving force was medium and large investors who were locked at home due to lockdown. In addition, demand for cryptos has been stimulated by covid payments.

Many factors are now not in Bitcoin's favor, as maintaining price growth requires a steady influx of new buyers. The inability to rise above $60,000 triggered a cautious attitude at first, and then increasingly large-scale profit-taking. Now the fight will be for $30,000, and if the benchmark crypto doesn't hold up, a massive sell-off may soon follow, whose lows may be near the $20,000 lower boundary."

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 $1,543,042,228,515.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

Please describe the error