On Friday, August 21, the price of bitcoin rises. At 09:10, the first cryptocurrency was trading at $11,871.25 (+ 1.05%), according to CoinMarketCap.
BTC/USD chart of Bitstamp from TradingView Ether has risen in price to 414.4 (+ 1.94%).
XRP rose 1.69% to $0.293. The FxPro team of analysts notes: “Bitcoin continues to consolidate, adding about a percent to $11,850 per day, which is a minor change.
Yearn.finance (YFI) coin outstripped bitcoin in value and is now trading for $ 14,000, over the past day at some point reaching $16,000. The vibrations around DeFi cryptocurrencies are so strong, strengthening FOMO in relation to the current direction for digital currencies. Over the course of a day, the total capitalization of cryptocurrencies increased by $9 billion, and in this case, it was not the leading cryptocurrencies from the top 10 that contributed to this.
Judging by the list of the top 100 cryptocurrencies CoinMarketCap, participants in the crypto market are actively buying altcoins with low capitalization, pushing up the prices of such coins by tens, or even hundreds of percent within a few days.
Although one might assume that this is an alarming sign for bitcoin, it is still worth remembering that in 2017 crypto-FOMO pushed up not only bitcoin itself, but absolutely all coins with different capitalization, as a result of which the bitcoin dominance index fell to mid-January 2018 to 33% (currently 58.7%).
The emergence of new names among market leaders is becoming the best advertisement for the entire crypto market as a whole. As a result, even if these coins do not meet the expectations of investors, investment flows that find themselves in the cryptosphere are likely to head towards the market leaders”.