Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $19,145.89 (+4.19%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has fallen to $595.65 (-1.79%), while XRP has dropped by 5.23% and is now trading at $0.676.
FxPro’s team of analysts say:
“Bitcoin has passed another round level on its way to its $20,000 all-time high. However, the crypto has reached a hurdle at $19,300 that has caused it to fall back to $18,800. This move should not be a surprise if we take into account the impressive growth rate that almost all altcoins have shown over the past week.
The greed and fear index for Bitcoin and the largest cryptos has added 6 points during the last day to 94, remaining in the ‘extreme greed’ area. The closer this indicator is to 100 and Bitcoin to $20,000, the greater the chances of a correction if at least several large participants decide to sell at the same time. Apparently, the current safety margin for altcoin investors is pretty low.
Bitcoin could lead to a general market collapse. However, if this eventually happens, a large number of investors will rush to invest in the market to take advantage of the drop in prices, which will result in an increase in demand similar to that experienced in March.”
According to CoinMarketCap’s ranking, 8 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $574,742,678,955.
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