Bitcoin has started the first day of the workweek in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $65,744.85 (+6.53%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $4,714.55 (+3.6%), while Binance Coin has dropped by 4.45% and is now trading at $636.23.
Bitcoin has added $3,500 overnight, approaching the record high of $67,000 reached on October 20.
FxPro's team of analysts say:
"Bitcoin has broken out of a prolonged doldrums, soaring 6% over the past 24 hours. Late last week, the crypto needed support as it fell to $60,000, however, over the weekend it has received steady demand. Growth above $63,500 has triggered a wave of optimism that has quickly sent the price of the reference crypto to highs near $66,000.
The greed and fear index has yet to keep pace with the coin, stalling at around 75, cruising in the greed area since the middle of last month. The market capitalization of cryptocurrencies, with and without Bitcoin, is updating all-time highs, indicating the Bitcoin jump can only be a side effect in the current altcoin season.
From a technical point of view, Bitcoin has ample room for growth, as the bulls have clearly gained strength during the cryptocurrency's consolidation. After being at an overbought level since the October rally over the past few days, the RSI index has entered neutral territory.
However, for experienced crypto investors, the rise of altcoins and the Bitcoin lag, as well as the timing of this event, raise unpleasant analogies to what happened at the end of 2017. Then, the rally in altcoins was especially fierce between November and January. Many of those altcoins are still far from their highs."
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,856,755,453,097.
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