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Bitcoin has started the day in a negative mood. At press time, the largest cryptocurrency by market cap is trading at $56,921.2 (-0.32%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ether has increased to $4,701.39 (+6.11%), while Binance Coin is up by 2.88% and is now trading at $636.28.

FxPro's team of analysts say:

"The crypto market is developing growth that is now also compatible with Bitcoin. Over the past 24 hours, the capitalization of all cryptocurrencies has grown by 1.4% to $2.64 trillion, while the largest cryptocurrency in the market has grown by 1%.

At the same time, it is important to note the continued pressure on the BTC/USD pair, which is being held back by the financial market turmoil. The Fed chairman Jerome Powell has acknowledged the inflationary problem in the US and has proposed abandoning the term 'temporary' in relation to inflation, which he coined earlier this year. For the markets, this means the world's leading central bank has gone to war on inflation and will be less lenient, promising a higher degree of volatility for traditional markets. Among cryptocurrencies, this promises to have a greater impact on Bitcoin, as it is the cryptocurrency that most financial institutions have invested in.

Probably due to Bitcoin's volatility and inability to move towards sustainable growth, the fear and greed index of cryptos is back down 6 points to 34.

However, we should note the ETH/USD pair has risen almost 12% over the past seven days, and it just keeps on rising. Its current level of $4,740 is close to the all-time highs reached in November. The improvements to the network itself and its applicability for working projects keep the demand for Ether steady, as well as the balance between the volume of demand and supply of coins.

The crypto world is betting on Ether as the future of cryptocurrencies as a business, while Bitcoin was and remains a good store of value, but is now vulnerable to the turmoil of the traditional financial market."

According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in green.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $2,657,010,095,155.

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