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Bitcoin has started the day with a positive dynamic. At press time, the largest cryptocurrency by market cap is trading at $8,957.70 (+3.54%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has grown to $172.37 (-0.27%), while XRP has increased by 1.66% and is now trading at $0.232.

FxPro's team of analysts say:

"Bitcoin price has reached $9,100 this morning, after which investors have started to sell their assets. As a result, the price of the reference cryptocurrency has fallen below the $9,000 level, where bears and bulls are fighting. It must be noted the growth has been accompanied by an increase in trading volumes, another factor that has driven the rise.

The increase is probably associated to the Chinese coronavirus, the depreciation of the renminbi against the dollar and the strengthening of gold.

However, there are some other explanations related to the technical indicators. In particular, we refer to two indicators that in the past helped Bitcoin recover to $14,000. These are the Guppy Multiple Moving Average and Puell Multiple, which is used to identify the cryptocurrency's price cycles."

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 $247.224.685.443.

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