The first month of 2020 has been quite good for bitcoin bulls as they managed to push through the price of the leading cryptocurrency above the $9,000 mark. The price reached a daily high of $9,150 before retracing to just above $9,000 at the time of writing.
Chinese new year holiday season extended due to Coronavirus.
Earlier, several analysts had predicted that the price of bitcoin’s price would because of the Chinese new year that was celebrated on 25th January. It was expected that there the price of the leading cryptocurrency would fall because of the sell off in China, but the price of bitcoin went up. China is currently facing an epidemic as the mysterious Coronavirus has taken more than 200 lives. The government has extended the holiday season till 8th February.
Several altcoins also witnessed a noticeable surge.
Along with bitcoin, several other altcoins also witnessed a noticeable surge. Cardano (ADA) rallied 8.05%, Bitcoin SV (BSV) has held on to an 8.54% gain, and Litecoin (LTC) rallied 7.49%. The overall cryptocurrency market cap is now $250.3 billion, and Bitcoin’s dominance rate is 66.1%
