Bitcoin has started the day posting gains. At press time, the largest cryptocurrency by market cap is trading at $48,406.35 (+2.73%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether is up to $3,635.27 (+6.96%), while Cardano has increased by 4.23% and is now trading at $2.49.
FxPro's team of analysts say:
"The golden cross on the Bitcoin daily chart has become trending topic on Twitter: everyone is waiting for the resumption of growth and a new high. Due to rumors and expectations, the BTC price rose above $48,000 yesterday, however, the bulls did not have enough strength. As early as Thursday morning, the chart has returned to around $47,500, but then bounced back above $48,300.
Technical analysis shows BTC has regained the support of the 200-day moving average, but, as we have already seen, it is still too early to rejoice about the return of the uptrend. Market corrections often take place in three waves: fall-rebound-fall. It is still unclear whether we are looking at a real return to growth or a rebound.
The fear and greed index has returned to the neutral zone and money continues to flow into altcoins. Last week's correction was not a lesson for investors: they are still looking for higher returns in alternative cryptocurrencies and waiting for Bitcoin to rise on its own.
The London fork in the Ethereum network has not met its main objective of reducing fees. They remain high, and we can safely say Ethereum is one of the most expensive blockchains."
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 $2,200,856,017,232.
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