Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $45,546.24 (+4.49%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether is up to $3,131.58 (+6.83%), while Tether remains unchanged at $1.
FxPro's team of analysts say:
"Bitcoin has been steadily rising to as high as $46,400, a level at which it has started to come under pressure from sellers. Overall, the price dynamics are impressive for market participants, given that we currently have no news such as Tesla purchases or rumors about cryptos being supported by Amazon.
Trading volumes remain high, but historically relatively low.
Among the key positives is the news that the world's largest movie theater chain, AMC Theatres, plans to start accepting Bitcoins as a payment method for tickets. Of course, this is not a $1.5 billion Tesla purchase, however, the more such news that emerges, the more positive the backdrop for the crypto market.
The rise in the price of Bitcoin has coincided with the fall in gold. Against the backdrop of good economic news, the US central bank may start to reduce stimulus, which could lead to a rise in the dollar and a depreciation of gold.
While Bitcoin previously used to rise driven by news of the likely continuation of the stimulus program, it is now rising thanks to a combination of all factors. Tether has issued another 1 billion USDTs, which is usually associated with strengthening dynamics in the cryptocurrency market, so perhaps this time we will see something similar. The increase in trading volumes could well turn into a full-fledged growth wave due to real demand."
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 $1,851,559,639,493.
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