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Cryptocurrency Market Turns Green As Bitcoin Passes $8,700

January 27, 2020 at 14:33 by Matt Jackson

Bitcoin prices have seen modest gains today, increasing more than 3%, pushing through the $8,600 barrier and above $8,700, already wiping out last week’s 1% loss. Some analysts are pointing to a confluence of bullish indicators, suggesting that the next major bull run, like the one seen in 2017 that took the cryptocurrency’s price to its highest ever figure of $19,783, is on its way.

Bitcoin’s bullish movement has seen the rest of the crypto market turn green, with Bitcoin Cash adding 12% to its price, and Ethereum Classic rising nearly 18% in the past 24 hours. Other coins that have witnessed major increases include Bitcoin Gold, up nearly 10%, and Synthetix Network Token, up more than 10% against the dollar.

According to some analysts, traders might not have to wait long for a major rally to the upside. The Fisher Transform signal has historically led to a parabolic run of price action for the asset, and this week’s trading action has shown early signs of this indicator. Furthermore, Google searches for the term “buy Bitcoin” have reached a seven month high. Google Trends assigns a ranking from 0 to 100 for the volume of searches conducted on a particular keyword. “Buy Bitcoin” searches have been given a ranking of 10, which has previously occurred during major bull runs.

While Bitcoin has posted gains of more than 3%, this increase has been dwarfed by a host of other coins and tokens. Bitcoin Cash started the year with a price of around $200. Since then, it has peaked at $387 on January 18th. Following some correction down to $305, it has, in the past two days, increased to $367, adding nearly 12% in the past 24 hours. Ethereum Classic, a hard fork of Ethereum, has also seen similar results since the turn of the year. It started 2020 at $4.50 before reaching a high of $11.64 on January 17th. Three days ago, Ethereum Classic was available at a price of $8.10 but has now pushed through the $10 resistance level and is changing hands at $10.22, having added nearly 18% to its price.

At 14:00 GMT, Bitcoin (BTC) has added 3.29% to its price and is changing hands at $8,739.79 while Ethereum (ETH) has increased 3.73% to trade at $170.03. Ripple (XRP) has increased by 3.48% and now costs $0.232. Bitcoin Cash (BCH) and Bitcoin SV (BSV) have added 12.83% and 7.55% to trade at $369.56 and $290.84 respectively.

If you have any questions and comments on Bitcoin today, use the form below to reply.

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