Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $34,113.1 (+4.06%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,012.83 (+3.18%), while Tether has remained unchanged and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has added 4% over the past 24 hours and is currently trading at around $34,000. The reference crypto, followed by the rest of the crypto market, has experienced a painful drop below $30,000, however, shortly after that it has recovered very quickly to current values. In itself, a sharp drop below the most important psychological and technical level is a rather alarming sign. However, the fact that the coin has recovered so quickly from the drop indicates the continued high demand in the market for the benchmark cryptocurrency from investors who stand by to buy the asset at a discount.
The problem is that there are already so many such investors that they have become a separate force preventing the market from establishing real lows. Therefore, BTC will most likely be allowed to sink only when the fundamental news is so bad that it affects the underlying confidence in the asset.
The greed and fear index for Bitcoin and the largest cryptocurrencies is at around 14, which corresponds to the 'extreme fear' area. The indicator should indicate there is significant room for growth, but at this stage it means that there are serious concerns about the market's future prospects. While some are still hoping for a return to growth, other investors are already ready to close positions with every bounce."
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 $1,368,155,172,459.
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