Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $49,539.96 (+3.63%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $3,397.74 (+1.18%), while Binance Coin has risen by 3.47% and is now trading at $434.18.
FxPro's team of analysts say:
"Bitcoin has risen more than 3% over the past 24 hours and is trading at around $49,300. The currency is approaching the important psychological and technical threshold of $50,000. Bulls will face a serious showdown for $50,000 and more for $53,000, the overcoming of which may open the way for the currency to increase demand.
At the moment, Bitcoin's price action is at odds with the benchmark S&P 500 index. BTC is likely not responding to political games with US debt ceilings. Everyone is aware that the printing press will continue to run, and few understand how it can be stopped without creating the conditions for the collapse of all markets at once, including cryptos.
Meanwhile, the Bitcoin dominance index is gradually turning toward growth and now stands at around 43%. The growth of the index may indicate increasing uncertainty among crypto market participants regarding the prospects for altcoins.
The greed and fear index for Bitcoin and major cryptocurrencies has increased to 59, which corresponds to the 'greed' area. Once again, the indicator accurately reflects what is happening in the crypto market. The RSI index for the BTC/USD pair on the daily chart shows a rise to the level of 60, but there is still room for the overbought level."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,172,084,262,908.
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