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Bitcoin heads towards $9,400 after 15% gain in three days

By Yana Berman

Major cryptocurrency rises above the key resistance area as investors seek safe haven amid coronavirus panic

Photo: AP Images API

has gained 15 per cent in just three days, as the major cryptocurrency heads towards the important $9,400 threshold.

Bitcoin was up 4 per cent to $9,340 on January 29. Its dominance on the market was 66.1 per cent, and the total market cap reached $170bn (£130.5bn, €154.4bn).

Rakesh Upadhyay, analyst at Currency.com, believes the rally can extend to $10,550 and even to $12,000, as the Bitcoin price has pushed above the important minor resistance level of $9,187.95.

Other leading cryptocurrencies were also in the green. saw a 4 per cent gain to $177.19, and XRP rose 2.8 per cent to $0.23. remains one of the most successful currencies in top 20, gaining 7 per cent in 24 hours.

The recent surge on the crypto market may be linked to uncertainty provoked by the coronavirus outbreak in Asia, with investors looking for a safe asset for funds. Bitcoin does not seem so volatile amid panic on the traditional markets.

The coronavirus outbreakhas already affected gold and oil prices, as well as major Asian indexes.

Gold, a safe haven for investors in harsh times has also risen and is 0.14 per cent to $1,571 per ounce.

Oil prices were slightly higher, recovering after the losses earlier this week. Brent futures gained 0.94 per cent to $59.36, while WTI futures rose 1.1 per cent to $54.

FURTHER READING: Bitcoin prediction this week January 27 to February 2

FURTHER READING: BA suspends flights to China as coronavirus death toll rises

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