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Amid Coronavirus, January Ends With 35% Increase In Bitcoin Price: The Weekly Crypto Market Update
Author: George Georgiev
•Last Updated Jan 30, 2020 @ 18:02
The last week of trading has undoubtedly been a successful one for Bitcoin and the entire cryptocurrency market. BTC’s price gained more than $1,100, charting an increase upwards of 13% in the past seven days alone. Despite the few ups and downs, the price seems to be comfortable above $9,400.
Interestingly enough, Bitcoin is trading well above the 200-days moving average. According to recent research by Tom Lee’s Fundstrat Global Advisors, in 80% of all situations when BTC was above the 200MA, it delivered returns of about 193% within the following six months.
On another note, Bitcoin is trading on par with Gold amid the recent outbreak of a new coronavirus in China. The epidemic has seen many people die, while even more getting infected. The situation is so serious that the country has had to lock down numerous cities to prevent the further spread of the virus. Asian stocks took a hit, and, naturally, as China is the second-biggest economy by GDP, this had a toll on global markets as well. However, Bitcoin and Gold charted gains during this time, causing many to believe that investors are using them as a hedge against the distressed economies.
Bitcoin’s dominance has increased slightly during the past week, and it currently sits at 66.3%. A lot of altcoins saw seriously positive spikes in their price as well. Ethereum is up more than 10%, Bitcoin Cash is up 21%, EOS is up 20%, and so forth.