Bitcoin price continues to hold above $9,000, even as the global markets tumble from the impact of the coronavirus outbreak.
On Monday, Bitcoin (BTC) price surged to a high of $9,170, with gains above 6% suggesting the bulls were taking control.
The price of Bitcoin today has hovered above $9k, with over 4% gains made in the last 24 hours.
Bitcoin Price Weak
Cumulatively, Bitcoin has gained more than 10% over the past four days. However, call Bitcoin price weak as it could drop below $9k if bulls do not hold momentum above current prices. BTC moved to a high of $9,138 this morning but is struggling to hold momentum as prices teeter above $9k.
Even then, sentiment remains bullish for Bitcoin and prices could push above $9,200 to test resistance at $9,500.
Can altcoin prices keep rallying
Altcoins also trending north as crypto markets rally. At the moment, all the top altcoins are green, with Ethereum (ETH), Bitcoin Cash (BCH), and XRP gaining more than 4%. Litecoin (LTC), EOS (EOS), Bitcoin SV (BSV) Tron (TRX) and Cardano (ADA) have gained more than 7%. But can they keep up the push? Experts warn that traders need to watch the market keenly.
The overall cryptocurrency market capitalization now stands at $247 billion. Bitcoin (BTC) market dominance is now at 66.1%, with the top crypto’s market cap just shy of $164 billion.
Coronavirus fears grow; China reacts by suspending markets
As cryptocurrencies ride on renewed bullishness, the wider market is apprehensive of events around the Wuhan coronavirus.
The coronavirus outbreak began in Wuhan, China, in December 2019. At the moment, there are over 4,000 confirmed cases. The number of confirmed deaths has risen to 106 from 81 on Sunday. Outside China, 16 other countries have reported cases of the virus. They include France, Germany, Japan, and the U.S., which has confirmed five cases.
Authorities in China have suspended the opening of trading at two of the country’s major stock exchanges. The move comes as fears rise that the stock markets in the country may suffer major sell-offs.
Reportedly, the Shanghai and Shenzhen stock exchanges will not reopen for trading until at least February 3.
Stocks battered; gold is up
Stocks have taken a battering, with all major stock markets trending red on Tuesday. The S&P 500 is down 1.57%, as is the Dow Jones. Japan’s Nikkei is -0.55% while the FTSE has slipped 1.95%.
Gold, on the other hand, is +0.16% or +$2.69 up today as investors look to hedge against the potential impact of the virus. Today’s prices are +4.4% on the value of gold at the start of January and the precious metal might hit $1,600- its highest price value since 2013. The price of gold today is $1,579 per ounce.
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