Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $37,099.35 (+0.84%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,451.7 (-3.53%), while Tether has dropped by 0.01% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin is trading at around $36,800 after posting less than 1% growth over the past day. The Bitcoin's ability to hold around $37,000 is good news for the market. However, the ability of the benchmark crypto should not be overestimated.
Before El Salvador's decision to endow Bitcoin with the status of legal tender, the currency was doing really badly: it was on the verge of falling below $30,000. After such good news, investors who were afraid to invest in the cryptocurrency before this event started to enter the market. Now all market participants are watching what is happening in a very tense manner, as there are a significant number of investors who are about to lose faith in the medium-term prospects of Bitcoin and start selling the asset.
A sharp jump in the value of the crypto could be a very convenient time to cash out. If this scenario becomes a reality and Bitcoin starts to fall again, the retail sector will join this wave. The gradual exit of the developed economies from the blocking may also become a negative factor for cryptocurrencies in general and BTC in particular. Large investors will have less time to invest in the cryptocurrency market, while entire industries that have been in hibernation over the past year will start to offer new profit opportunities."
According to CoinMarketCap’s ranking, 2 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,566,805,447,380.
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