Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $47,109.83 (+3.1%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $3,394.1 (+2.5%), while Cardano has slid by 0.92% and is now trading at $2.39.
FxPro's team of analysts say:
"Bitcoin reserves on crypto exchanges are now lower than they were before growth began back in November 2020. Analysts call this a harbinger of a pump due to limited supply. To some extent, this helps restore positions lost the day before: this morning the BTC price is already hovering around $47,000.
Ark Invest CEO Cathie Wood also continues to believe in cryptocurrencies. According to her, for Bitcoin to reach $500,000, institutions need to allocate just 5% of their funds.
In support of its position, Ark Invest has filed a petition to launch a Bitcoin ETF. According to the filing, it will invest in existing Bitcoin ETFs in Canada. This deserves attention, as the adoption of any of these projects, whose applications are piling up on the SEC's shelves, will significantly increase the cryptocurrency market audience, opening up direct access to cryptos through stock exchanges. If the regulator gives permission for the launch, this could become the powerful driver that BTC lacks so much to continue its growth. In the meantime, the SEC gives no hope for a successful solution of this problem, and the fear index shows 30 points and is ready to enter the horror area."
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 $2,127,729,142,384.
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