Bitcoin has started the last day of the workweek posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $44,725.31 (+1.23%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,087.45 (-1.66%), while Cardano is up by 1.04% and is now trading at $2.29.
FxPro's team of analysts say:
"Bitcoin has shown almost no changes over the past 24 hours and is currently trading at around $44,000. Overall, this is a good result after recent growth, indicating at least a reluctance to take 'quick profits' after the asset's growth.
It looks like that at the moment the reference cryptocurrency is strongly correlated with the traditional market, and the S&P 500 chart is quite coincident with the Bitcoin price chart.
The irony of the current market situation lies in the fact that now, even in the conditions of an extremely inflated bubble in the stock market and in the cryptocurrency sector, it is even more risky to be a bear than a bull, as all participants managed to convince themselves of the complexity of the situation as a whole. As long as the stimulus program is in place in the US, the bubbles will continue to inflate.
The problem is how to get out of this impasse where the printing press is feeding the bubble, everyone is buying assets, markets are getting more and more expensive, but investors are keeping their finger on the Sell button. Bitcoin has become as much a hostage to the situation as the stock market. We are likely to continue to see impressive growth, but the end of this story is unlikely to be simple and optimistic. In the near term, we may well see growth in the asset to $50,000."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,991,771,000,565.
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