Bitcoin climbs to over $ 19,400, altcoins are growing by three digits and the Dow is climbing to a new all-time high of 30,000. The bulls have a firm grip on the markets.
On Tuesday, the bulls showed they had full control of the crypto market as Bitcoin Formula rose to $ 19,418.97 and several top 10 altcoins saw double-digit spikes to new highs in 2020.
The performers of the day were Stellar Lumens ( XLM ) and XRP, with gains of 53 percent and 38 percent respectively
With all the excitement and anticipation of a potential BTC surge to $ 20,000, crypto traders may have missed an equally impressive move 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 Nasdaq followed suit with gains of 1.6 percent and 1.3 percent respectively.
According to market analysts, there were 4 reasons for the much-needed confidence boost in the markets. Those are the development of three effective COVID-19 vaccines, extremely low interest rates from the US Federal Reserve, the possibility of another stimulus package and the increasing pace of the transition between the Trump and Biden administrations.
At press time, 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 is up 6.84 percent and the S&P 500 is up 10.73 percent. While those are good returns for any investor’s portfolios, Bitcoin has far outperformed both and is currently growing 166.67 percent, according to Skew.
Surprisingly, Ether ( ETH ) continues to perform even better than Bitcoin. Last week, the leading altcoin began a parabolic rally that took the price to a new 2020 high of $ 623.
Bitcoin and Ethereum annual development. Source: Digital Asset Data
Usually the reporting revolves around Bitcoin and Ether. But this week has shown that altcoins shouldn’t be overlooked.
The two leading digital assets by market cap have rallied amazingly so far. But the data from the analysis website TheTIE shows that altcoins with smaller market capitalizations are also making serious waves.
In the past 24 hours, the tweet volume for selected altcoins has exploded. Many of them made gains on their BTC, USD, and USDT pairs.
After such a strong Bitcoin upswing, the digital asset can enter a brief consolidation phase or even test deeper supports. In the past, money in these situations flowed into altcoins and made them rise higher.
Should Bitcoin stagnate in the coming days, investors could repeat this procedure and thus further drive the current altcoin rally.