Bitcoin has started the day posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $15,403.72 (+0.68%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $460.32 (+2.73%), while XRP has increased by 0.86% and is now trading at $0.256.
FxPro's team of analysts say:
"The reference crypto remains at around $15,400 experiencing little changes during the last day. Therefore, buyers and sellers have formed a balance of power between them while waiting for investors to take their next step. The ability to stay above $15,000 is great news for crypto market participants, as it increases the chances of the consolidation process ending up with fundamentality-driven growth.
Meanwhile, the Bitcoin dominance index has not only stopped growing, but is also falling moderately after losing half a percentage point over the last day. The Bitcoin hashrate has also posted a 46% increase during the same time, exceeding 140 EH/s. Thus, the next stage is an adjustment towards an increase in the complexity of the calculations and a decline in mining profitability. Miners and whales can now have a major impact on the price of Bitcoin. However, demand from new buyers is offsetting this pressure.
The greed and fear index for Bitcoin and the largest cryptos has lost 4 points to 86 over the last 24 hours. Even though it is still in the 'extreme greed' area, the beginning of the decline process while maintaining the price levels occupied by Bitcoin suggests the consolidation process could calm down technical indicators, turning peak prices into new starting points for further growth."
According to CoinMarketCap’s ranking, 9 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $447,376,686,667.
Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.