Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $15,854.8 (+2.91%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has increased to $463.01 (+0.34%), while XRP has risen by 0.16% and is now trading at $0.256.
FxPro’s team of analysts say:
“Bitcoin has made another attempt to overcome the $16,000 barrier, however, the crypto has not been successful. As a result, Bitcoin has risen by 3% over the last 24 hours and is currently trading at around $15,750. The good news is that the currency is not only undergoing a consolidation process, but is also trying to go further, convincing investors of the favorable prospects. However, not everything is so positive, since it should not be forgotten the crypto could follow the trend of the stock market, which is having trouble growing after starting the week with a positive dynamic.
Basically, we have no real reasons to believe the US and the global economy as a whole have the potential to increase optimism. In fact, markets in the Asian region could keep growing, but this does not depend only on domestic demand. This does not mean Bitcoin will not try to exceed $20,000 by the end of the year and that the S&P 500 index will not reach a new all-time record. It just means we have to be careful with uncontainable optimism in all sectors of the global economy. Currently, many participants in the crypto market fear they will be the first to sell, but this does not mean they are not ready to do so.”
According to CoinMarketCap’s ranking, 6 currencies on the top 10 are in red.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $456,038,979,296.
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