Market Update – The Cryptocurrency Market Seems to be Recovering
95 of CoinMarketCap’s ranking of 100 largest cryptocurrencies by market capitalization are in positive territory, showing buyers are currently dominating the market.
In particular, Bitcoin has added 5.17% during the last 24 hours and is now trading at $36,206.11, almost $2,000 above yesterday’s level.
In fact, all currencies in the top 5 of CMC’s ranking are enjoying healthy gains near to 10%, except for Tether, which has just added 0.02% during the last day.
The Bitcoin dominance index, which yesterday stood at 46.8%, has today dropped to 46.1%, indicating investors are favoring altcoins.
Regarding the greed and fear index, it stays at 25 (fear), showing the same level as on previous days.
Today the most relevant news are actually about regulations and prohibitions. As reported earlier, the authorities of Mexico have confirmed that Bitcoin is not legal tender in the country after a local billionaire said his bank would accept the asset.
In a new episode of the fight between the UK and Binance, the exchange has today announced it has temporarily suspended its Faster Payments feature reportedly for maintenance work, however, there might be another reason behind this decision.
The most important positive news of the day is the one about interdealer broker TP ICAP launching a trading platform for institutional investors, becoming this way another major financial institution joining the cryptocurrency world.
Bitcoin is closer to the $40,000 psychological barrier. Will we wake up tomorrow with the asset above that level? We will find out soon.