Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $40,900.07 (+5.1%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $2,772.23 (+3.28%), while Tether has increased by 0.03% and is now trading at $1.
FxPro's team of analysts say:
"Bitcoin has climbed back above $40,000 after adding more than 4% in the past 24 hours. The currency has bounced off the $37,500 level, where it has received support from buyers. It is worth noting trading volumes are also increasing, indicating an increase in players' interest to buy at current levels. Bitcoin has shown that it is capable of holding around the $40,000 level, supporting optimism around the cryptocurrency sector as a whole.
Yesterday, all attention was focused on Ethereum and the London hard fork. As a result of the network update, almost 1,400 ETH coins ($3.9 million) were burned. Even though all altcoins, including Ether, are directly dependent on Bitcoin, in this case, a hard fork on the Ethereum network could spur a positive boost in the crypto market and help demand for Bitcoin.
The possibility of the market sliding into a new cryptocurrency winter can never be ruled out. However, so far, cryptocurrencies have yet to repeat the patterns of the previous cycle, or do so with significant changes. There is now a growing belief that the pullback to $30,000 was a large-scale, but still temporary correction, and with the onset of autumn, volatility and price impulses shift into a new gear, while Bitcoin is waiting for a new growth phase. Whether this is the case remains to be seen, and it should always be remembered the market is outperforming most people's expectations."
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 $1,671,413,064,705.
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