Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $34,765.05 (+1.6%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,324.63 (+2.33%), while Tether has increased by 0.01% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has experienced a 1% gain over the past day and is currently trading at around $34,700. As a result, the crypto remains compressed in a rather narrow price range. The main distinguishing feature of the current dynamics is low trading volumes. Price fluctuations are occurring, however, these are not being supported by large investors, which is a major cause for concern.
The stock market continues to rally on the back of encouraging US economic data, as well as continued Fed stimulus, which is also supporting BTC. On the positive side, the recovery of the network hashrate can also be highlighted.
In addition, the complexity of the calculations has reduced and the income of miners has increased. Of course, these are all temporary phenomena, and the fastest miners get the most benefit, however, as the equipment gets up and running, the hashrate will start to grow, the complexity will recalculate towards growth and the situation will level out.
The main problem now is that in the event of a price rally, we may not see support from large capital, which will initially call into question the reliability of such a rally. The low activity from institutional investors can be attributed to the seasonal factor, the vacations and a shift in focus to the traditional market, which is now showing new opportunities as the global economy is recovering."
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 $1,462,430,598,295.
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