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Bitcoin has started the day posting gains. At press time, the largest cryptocurrency by market cap is trading at $9,502.87 (+4.63%), according to CoinMarketCap.

Chart of the USD/BTC trading pair from EXANTE

For its part, Ethereum has grown to $230.78 (+2.99%), while XRP has jumped by 3.52% and is now trading at $0.191.

FxPro's team of analysts say:

"Bears have stopped pressing the reference crypto after it fell below $9,000. Buyers have come to its rescue, and with the support of 34% of the trading volumes, Bitcoin has grown by almost 5% to $9,550 on this morning.

While this may seem like a good result, it looks like the support has lost momentum before the crypto approaches the $10,000 level. This growth has coincided with the rise in the stock markets, however, the recovery of the BTC has been much more modest than that of the S&P 500 index.

If geopolitics had a favorable effect on the outlook for cryptos at the beginning of the year, it is now having a negative effect on almost all assets. Only a few assets would be able to withstand a second wave of covid-19, as who will need Zoom to hold work conferences if there is no work at all? Who will support retailers if there is nothing to buy? Bitcoin, which has become a predominantly speculative asset over the past few years, is not the first choice in the portfolio of institutional investors, so it could also be affected."

According to CoinMarketCap’s ranking, all currencies on the top 10 are in green.

As for the market cap of all currencies listed in CoinMarketCap, it stays at $267,846,986,145.

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