Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $49,059.1 (+3.79%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has increased to $1,798.42 (+2.66%), while XRP has dropped by 1.24% and is now trading at $0.557.
FxPro’s team of analysts say:
“Bitcoin has added 4% over the past day and is currently trading at around $48,800. Therefore, the leading cryptocurrency is once again trying to assault the psychologically and technically most important level of $50,000. The fact the coin is able to confidently break above this level will increase the buying momentum not only for Bitcoin, but for the whole crypto market.
Along with BTC, all altcoins are also posting significant gains. In this context, the total market capitalization of the crypto market has exceeded $1.5T. It looks like Elon Musk’s statements about Tesla’s purchase of $1.5B in Bitcoins has been something of an analogue to the Fed chief’s statements about his willingness to further stimulate the economy.
Together, these two events appear to have postponed a broad market correction. Technical indicators point to an overheated state of the market, but so far it has not interfered with growth. The RSI index for the BTC/USD pair on the daily chart shows a transition to the overbought area, but so far this trend is moderate.
Elon Musk continues to make quite interesting statements, and this time he once again talked about Dogecoin, inviting whales to buy his coins in exchange for their support for the project. It is hard to say exactly what goals Musk is pursuing in relation to the altcoin, however, this kind of news definitely causes positive vibes in the cryptocurrency 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 $1,498,831,790,817.
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