Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $54,740.01 (+6.51%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether is up to $3,569.33 (+3.26%), while Binance Coin has increased by 2.11% and is now trading at $440.6.
FxPro's team of analysts say:
"Bitcoin has registered a 6% increase over the last 24 hours and is trading at around $55,000. Over the past week, the growth is even more impressive and amounts to almost 26%. The market capitalization of the reference crypto has surpassed the $1 trillion threshold, while the total value of digital currencies amounts to $2.3 trillion.
As part of Bitcoin's current growth, it is worth noting that other cryptocurrencies are not showing the same optimistic momentum. In this context, the Bitcoin dominance index stands at 45%.
The greed and fear index for Bitcoin and the largest cryptocurrencies has risen 56 points since last week and has switched to 'extreme greed' mode, perfectly reflecting what is happening in the crypto market.
Possible reasons for the growth include statements by SEC chief Gary Gensler that the regulator does not plan to ban cryptocurrencies. In addition, Soros' family office has announced it owns cryptocurrencies. Apparently, there is a sufficient amount of optimism in the market, and at this stage, even that news is enough for investors to decide to buy."
According to CoinMarketCap’s ranking, 7 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,294,719,716,009.
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