Bitcoin relief rally continues, but what's driving it is up for debate

's more a case of 'no news is good news' says one industry participant

The relief rally in cryptocurrencies continues its run with the No. 1 digital currency on pace for its third consecutive winning day to start the week.

The price of a single bitcoin is nearly $2,000 off Saturday's low, trading to an intraday high of $9,127.88, and last changed hands at $9,074.91, up 1.8% on the day, according to news and research site CoinDesk.

What's behind the rally?

The sharp turnaround has most industry experts pointing to favorable talk from policy makers and financial committees around the world.

"The G20's confirmation that it will change direction from creating new regulations and instead look at existing rules gave the cryptocurrency market a much needed [boost], with Bitcoin surging by $1000, wrote Nigel Green, chief executive of deVere Group.

"The very fact that cryptocurrencies are being so widely and closely looked at the G-20 summit -and most outcomes from there have been generally positive -- indicates that the likes of Bitcoin and Ethereum are becoming even more mainstream."

However, others see the recent commentary more in line with expectations, with the good news attributed to the lack of news. "It could have been a lot worse," said Jeff Koyen president of 360 Blockchain USA, referring to the G-20 statement.

"No news is good news may be crypto's guiding principle for much of 2018."

Read:'Bull, bear, purgatory, repeat'--This chart of cryptocurrency cycles shows the carnage may be over for now (http://www.marketwatch.com/story/prominent-crypto-bull-declares-bear-market-for-crypto-largely-over-2018-03-20)

Other markets

The rally in cryptocurrency prices has been relatively broad-based with other major digital currencies coming along for the ride. Ether is up 5.1% to $583.59, Bitcoin Cash is higher by 0.6% to $1,059.98, Litecoin is up 3.5% at $174.35 and Ripple is lagging, trading at $0.71, unchanged on the day.

Futures have opened higher with the Cboe Global Markets April contract up 0.9% at $9,100 and the CME Group Inc. March contract trading at $9,075, up 1.5%.