Bitcoin has started the day posting gains. At press time, the largest cryptocurrency by market cap is trading at $35,251.98 (+0.73%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $2,152.79 (+6.15%), while Tether has dropped by 0.06% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has experienced very few changes over the past 24 hours and is currently trading at around $34,600. The crypto market as a whole is in a state where a reversal in either direction is possible. There is no doubt market participants will react to whatever is happening in the stock market. The Fed is doing everything it can to avoid panic, which is why the indices continue to rise. However, everyone understands the market is very overbought, and the main question everyone is asking is what exactly could trigger a mass sell-off in the traditional market, which will drag the crypto market down with it.
The greed and fear index for Bitcoin and the largest cryptocurrencies is at around 25, which corresponds to the 'extreme fear' area, which clearly reflects the market situation. Despite the rapid buyback of the coin at around $30,000, there is still a risk that large investors will start withdrawing their profits along with the traditional market. In addition, the cryptocurrency community is closely watching the migration of miners from China. In this context, we can rather talk about the advantages for the market, because even if the cost of mining Bitcoins increases, this can have a positive effect on the price of the currency. It is believed that the growth of any physical indicator, including the hashrate or the cost of mining the coin, can positively affect the price dynamics of the cryptocurrency."
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 $1,431,308,010,651.
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