Bitcoin has started the week posting minor gains. At press time, the largest cryptocurrency by market cap is trading at $19,194.53 (+0.58%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ethereum has grown to $586.75 (+1.96%), while XRP has increased by 0.3% and is now trading at $0.506.
FxPro's team of analysts say:
"The negative forecasts for Bitcoin have not ended up materializing: the reference crypto has returned to the average levels of the beginning of last week. At the beginning of the new workweek, Bitcoin has increased by 1.5% and is currently trading at around $19,200.
On the one hand, last week we witnessed a price dynamic close to zero. On the other hand, the greed and fear index is back at extremely hot levels (95), which corresponds to the 'extreme greed' area. This technical indicator has not been able to cool down due to last week's correction in the crypto market, so we will most likely see a continuation of the trend.
One of the factors that could drive the market is the news that MicroStrategy has managed to raise $650M to buy Bitcoins instead of the $400M it originally planned to raise. In general, institutions can now be driven by the traditional market, where everything is growing again boosted by the news of the approval for the coronavirus vaccine.
However, the optimism may be short-lived, as the virus mutates, and it will be some time before the global community realizes this is a new type of virus that humanity will have to get used to living with. In the meantime, news about the coronavirus keep to shake the markets, even influencing the crypto market, which has become extremely dependent on the feelings of large investors."
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 $561,743,931,585.
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