Bitcoin has started the workweek with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $56,957.2 (+2.32%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $3,576.07 (-0.22%), while Cardano has dropped by 0.77% and is now trading at $2.24.
FxPro's team of analysts say:
"Bitcoin continues to grow gradually, and over the past day, the currency has added more than 1%, currently trading at $56,600. For the week, the increase amounts to about 18%.
Therefore, we see that Bitcoin has not only not entered a correction phase, but has also been able to continue the rally. Gradually, the crypto community is starting to believe we are currently witnessing the beginning of a broader process of growth, which will culminate in December.
The Bitcoin dominance index has reached 45.7% and, at the moment, the focus of the news agenda is on Bitcoin. The current growth is believed to be being driven by the expectation of SEC approval of the first US crypto ETF.
In addition, the US Senate has voted in favor of a temporary increase in the US government debt limit, which should have a positive effect on stock market dynamics and overall sentiment among large investors, who now have great potential to influence Bitcoin. The start of the workweek could determine the immediate outlook for Bitcoin price dynamics as trading activity increases."
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 $2,335,023,357,585.
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