Bitcoin, Altcoins and the Dow Prices Set record Highs
Bitcoin surpasses $19,400, altcoins are climbing to triple digits, and the Dow has set an all-time high of 30,000. Bullish rallies are shown in every corner of every market.
On Tuesday, the bulls showed they are in full control of the cryptocurrency market. Bitcoin (BTC) rose to $19,418.97, and several of the top 10 altcoins rose to double digits to new 2020 highs.
The highlights of the day were Stellar Lumens (XLM) and XRP with a gain of 53% and 38% respectively.
With all the excitement and anticipation surrounding the possibility of BTC reaching $20,000, crypto traders may have missed an equally impressive performance in traditional markets.
On the same day, the Dow also rose more than 400 points to secure a new all-time high of 30,046. The S&P 500 and the Nasdaq followed suit, rising 1.6% and 1.3%.
According to market analysts, several factors are giving a much-needed confidence boost to the market. On the one hand, the development of three effective vaccines against COVID-19, and the unprecedented low-interest rates as part of the Federal Reserve policy has been supportive of the market prices. On the other hand, there is the possibility of a second round of economic stimulus, and the pace of the transition of power between the Trump Administration and President-elect Biden is increasing.
Bitcoin’s value increased by 166.67% this year
At the time of writing, the S&P 500 and Nasdaq futures are also rising. This suggests that today’s rally could continue tomorrow.
So far this year, the DOW is up 6.84%, and the S&P 500 has gained 10.73%. While these are good returns for any investor’s portfolio, Bitcoin has far outperformed both, rising 166.67%.
Surprisingly, Ether continues to outperform Bitcoin, and over the past week, the highest-ranking altcoin entered a rally that took the price to a high of $623 in 2020.
Typically, the price of Bitcoin and Ether (ETH) receives most of the media coverage regarding its price movement. However, this week it has shown that we should not overlook altcoins.
In the last 24 hours, the tweet volumes of some altcoins exploded, and many of them made gains on their BTC, USD and USDT pairs.
After such a strong rally for Bitcoin, the digital asset may enter a brief period of consolidation or even retest the lower supports. Historically, in these situations, funds flow into “altcoins” and cause them to rally further.
If Bitcoin enters a sideways range in the next few days, investors may repeat this practice, thus extending the current rally seen among altcoins.
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