Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $35,947.87 (+2.18%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has fallen to $2,377.12 (-1.71%), while Tether has dropped by 0.04% and is now trading at $1.
FxPro's team of analysts say:
"The crypto market has risen 0.2% over the past 24 hours to $1.63 trillion, experiencing a pause or rebound after a long slide. The buying interest in cryptos has come in the wake of the rally in US stocks, where liquidation hunters thought their time had come.
Bitcoin, which at one point on Monday fell as low as $33,000, is now trading near $35,900. Yesterday's decline almost closed the July gap, and it also occurred from the lower edge of the descending channel. The latter fact clearly indicates that, in spite of the dominance of the bears, the market is not yet ready for an acceleration of the decline.
Bitcoin has added 2% over the past day, but most altcoins are losing ground. Thus, yesterday's Bitcoin rebound and the positive dynamics of the crypto market are more correctly attributed to technical factors: crypto investors are abandoning altcoins in favor of more liquid BTC, forming temporary bounces, but nothing more.
The immediate target for BTC to fall to is $32,300 to completely close the gap. However, it should then be ready for a retest of the July lows at $29,500-30,000. Without stock market support, these levels may not last too long."
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 $1,609,374,427,608.
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