Bitcoin has started the workweek with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $51,839.28 (+3.79%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether is up to $3,940.23 (+1.53%), while Cardano has risen by 0.54% and is now trading at $2.91.
FxPro's team of analysts say:
"Bitcoin is trading above $51,600 after adding around $1,500 overnight. Last week, bulls managed to keep the price of the reference crypto above the 200-day moving average. In light of this, pricing above $50,000 has become quite common over the past few days.
Consolidation above this mark in the coming days will pave the way to $60,000 and could become a catalyst for a complete reversal in the cryptocurrency market.
The altcoins deserve even more attention, as they significantly outperformed Bitcoin in growth last week, reducing its market share to nearly 41%. Over the past week, the capitalization of altcoins has increased by 15% and reached $1.34 billion.
Considering the actual decline in BTC's popularity in search engines, we can say there has been a redistribution of existing investors among altcoins.
Ether has seen an increase of more than 22% over the last week, and its share of the crypto market has once again surpassed 20%. Throughout history, this happened only once in 2017, and even then for a short period of time. In fact, the growth of the leading altcoin last week set a positive tone for all cryptos.
There are also 'dark horses.' Thus, Cardano has updated its all-time high after surpassing $3, however, this has not been enough for investors: on the eve of the launch of smart contracts, they expected more from the coin. As a result, its price has fallen back to $2.87.
Everything seems to indicate the market does not have enough fresh blood to continue the general upward trend."
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 $2,347,508,706,140.
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