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Bitcoin and cryptocurrency prices start the week with a rally

Bitcoin speculators are claiming that the cryptocurrencies are now in recovery mode

bitcoin and cryptocurrency
The price of Bitcoin is up 8%

Cryptocurrency traders were probably feeling hopeful on Monday as the price of Bitcoin rallied.

Bitcoin gained US$680 per coin, up 8.43%, changing hands at US$8,750 which gives the entire circulation a market value of US$148bn.

At the same time, the Ethereum price gained US$49 or 6% to trade at US$865 which meant its market cap was US$84.4bn. The Ripple XRP token, meanwhile, was up 3.7% changing hands at US$1.09.

Amid the apparent rally, speculators are claiming that the cryptocurrencies are now in recovery mode following a New Year trading period that saw the value of Bitcoin fall around 60% to the earlier mid-December highs.

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