On Tuesday, the bulls showed that they had full control of the cryptocurrency market, as Bitcoin (BTC) rose to $ 19,418.97, and many of the top 10 cryptocurrencies hit double-digit highs to new highs by 2020.
Notable figures for the day were Stellar Lumens (XLM) and XRP, with gains of 53% and 38% respectively.
With all the excitement and anticipation surrounding the potential for BTC to rise to $ 20,000, traders may have missed impressive results in traditional markets.
On the same day, the Dow Jones also rose more than 400 points and reached a full-time high of 30,046. The S&P 500 and Nasdaq followed, adding 1.6% and 1.3%.
According to market analysts, the development of three effective vaccines against COVID-19, the registration of low interest rates as part of the Federal Reserve policy, the possibility of a new round of economic stimulus and the increasing pace of power transfer between the Trump administration and President -elect Biden markets the long-awaited confidence. …
At the time of writing, the S&P 500 and Nasdaq futures are also higher, indicating that the daily rally may continue on open Wednesday.
From the beginning of the year until today, the DOW is up 6.84% and the S&P 500 is up 10.73%. While this is a good return for any investor’s portfolio, Bitcoin has surpassed both, currently up 166.67% according to Skew.
Surprisingly, ETH is still superior to Bitcoin. The higher-ranked all-currency entered a similar rally last week, bringing the price to a high in 2020 of $ 623.
Bitcoin and Ethereum indicators since the beginning of the year. Source: data on digital assets.
Bitcoin and Ether usually receive most of the media coverage of price movement, but this week it has shown that altcoins should not be overlooked.
While the two largest digital assets by market value have shown staggering growth since the beginning of the year, data from social analysis data provider TheTIE also shows that alternative digital currencies with less capital also generate some dangerous waves.
Over the last 24 hours, the number of tweets for some altcoins has increased, and many altcoins have risen in BTC, USD and USDT.
After this strong rally from Bitcoin, the digital asset may enter a short period of consolidation or even try for less support. Historically, in such situations, money flowed and led to altcoins.
If Bitcoin goes sideways in the next few days, investors can repeat this practice, thus increasing the current rally seen among altcoins.