Bitcoin has started the week in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $50,131.11 (+1.83%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether is up to $3,326.44 (+1.86%), while Cardano has risen by 9.14% and is now trading at $2.85.
FxPro's team of analysts say:
"Bitcoin has risen 3% over the past 24 hours and is back above $50,000, a level last reached in mid-May. Trading volumes look quite alarming as they show a slight increase recently and generally remain quite muted. Weak trading volumes may indicate market manipulation.
Against this backdrop, the total market capitalization of cryptocurrencies continues to grow and currently stands at $2.1 trillion. The Bitcoin dominance index stands at around 43.8%. Bitcoin has gained almost 6% over the last week. In addition to market manipulation, there may be positive factors in play, such as the launch of Bitcoin Suisse and the Worldline gateway for making BTC payments at merchants.
The greed and fear index moved into 'extreme greed' mode yesterday, which, according to the fundamentals of the indicator, means Bitcoin is approaching a pivot point, but in reality this may mean that only more investors are going to buy the asset as it continues to grow. While this supports the rally, it actually sets the stage for an even larger correction, as investors attracted to strong asset growth tend to make emotional decisions, meaning they may start selling at the first sign of a reversal."
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,149,356,587,191.
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