Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $46,335.28 (+1.98%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $3,243.58 (+4.21%), while Binance Coin is up by 10.29% and is now trading at $388.31.
FxPro's team of analysts say:
"The price of Bitcoin has changed slightly over the past day, which could be considered good news overall as the currency maintains already occupied levels. Bitcoin is trading at around $46,000, gaining about 20% over the past week.
In the context of overall cryptocurrency demand, the Bitcoin dominance index has fallen back to 45%, which can be seen as a positive sign indicating an even distribution of demand for altcoins. A gradual decline in trading volumes can be considered an alarming factor, although we have seen previously that this may well not prevent the market from continuing to grow.
According to Glassnode, the volume of transactions above $1 million on the Bitcoin network has doubled since September 2020, clearly indicating high interest among institutional investors. In contrast, the volume of small transactions is decreasing. Therefore, the assumption that Bitcoin did not go into free fall after the correction due to the presence of long-term institutional money is confirmed, while the retail composition of the crypto market at the end of 2017 quickly lost interest in cryptos after its decline, becoming a prologue to the cryptocurrency winter.
Crypto market participants are pleased with the fall in the value of physical gold, as its low profitability becomes another point in favor of 'digital gold,' which continues to generate high returns over long periods of time."
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,919,018,639,822.
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