Bitcoin share price, Altcoins and Dow Jones post record highs
Bitcoin rises to over $19,400, old coins grow in triple digits and the Dow climbs to a new all-time high of 30,000. The bulls have a firm grip on the markets.
On Tuesday the bulls showed that they have full control of the crypto market when Bitcoin (BTC) rose to $19,418.97 and several top 10 Altcoins posted double-digit growth to new highs in 2020.
The performers of the day were Stellar Lumens (XLM) and XRP, with increases of 53 percent and 38 percent respectively.
With all the excitement and anticipation of a possible BTC rise to $20,000, crypto traders may have missed an equally impressive performance in traditional markets.
On the same day, the Dow also rose by more than 400 points, reaching a new all-time high of 30,046 points. The S&P 500 and the Nasdaq followed suit with gains of 1.6 percent and 1.3 percent respectively.
According to market analysts there were 4 reasons for the urgently needed boost in confidence in the markets. These are the development of three effective COVID-19 vaccines, extremely low interest rates by the US Federal Reserve, the possibility of a further stimulus package and the increasing pace of transition between the Trump and Biden governments.
At the time of writing, the S&P 500 and Nasdaq futures continued to rise. This suggests that the rally could continue.
Since the beginning of the year, the DOW has risen by 6.84 percent and the S&P 500 by 10.73 percent. While these are good returns for all investors‘ portfolios, Bitcoin has far outperformed both and, according to Skew, has currently posted growth of 166.67 percent.
Surprisingly, Ether (ETH) continues to perform even better than Bitcoin Benefit scam. Last week, the leading Altcoin started a parabolic rally that took the price to a new high for 2020 of USD 623.
As a rule, reporting revolves around Bitcoin and ether. But this week has shown that Altcoins should not be overlooked.
The two leading digital assets by market capitalisation have performed an amazing rally so far. But the data from the analysis website TheTIE show that even Altcoins with smaller market capitalisations are making serious waves.
In the past 24 hours, tweet volumes for selected Altcoins have exploded. Many of them made profits in their BTC, USD and USDT pairs.
After such a strong Bitcoin rally, the digital asset may enter a short consolidation phase or even test deeper supports. In the past, funds in these situations have flowed into Altcoins and caused them to rise higher.
Should Bitcoin stagnate in the coming days, investors could repeat this process, thereby further driving the current Altcoin rally.