Bitcoin is over $19,400, altcoins are rising into the triple digits and the Dow has set a historic record of 30,000. Bullish rises are showing up in every corner of every market.
On Tuesday, the bullish market showed that it has total control of the cryptomoney market, as Bitcoin Era rose to $19,418.97 and several of the top 10 altcoins rose to a double-digit level to new highs in 2020.
The highlights of the day were Stellar Lumens (XLM) and XRP with a gain of 53% and 38% respectively.
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Daily performance of the crypto market. Source: Coin360
With all the excitement and anticipation surrounding the possibility of BTC reaching $20,000, crypto traders could have missed out on an equally impressive performance in the traditional markets.
On the same day, the Dow also climbed over 400 points to secure a new all-time high of 30,046. The S&P 500 and Nasdaq followed suit, rising 1.6% and 1.3%.
Daily Dow (DJI) chart.
According to market analysts, the development of three effective COVID-19 vaccines, unprecedented low interest rates as part of Federal Reserve policy, the possibility of a second round of economic stimulus, and the increasing pace of power transition between the Trump Administration and President-elect Biden are providing a much-needed boost of confidence to the markets.
As we go to press, the S&P 500 and Nasdaq futures are also rising, suggesting that today’s rally could continue into Wednesday’s opening bell.
So far this year, the DOW has risen 6.84% and the S&P 500 10.73%. While these are good returns for any investor’s portfolio, Bitcoin has far outperformed both, with a 166.67% increase according to Skew data.
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Macro returns for the year to date (YTD).
Surprisingly, Ether continues to outperform Bitcoin and during the past week, the higher-ranked altcoin entered a parabolic upswing that brought the price to a high of $623 in 2020.
The performance of Bitcoin and Ether YTD.
Typically, the price of Bitcoin and Ether (ETH) receives most of the media coverage regarding its price movement, but this week has shown that altcoins should not be overlooked.
While the two main digital assets by market capitalization have made a surprising rebound so far this year, data from TheTIE, a provider of social analysis data, shows that smaller-cap altcoins are also having a big impact.
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The main cryptoactives in trend on Twitter (24 hours).
In the last 24 hours, the tweet volumes of some altcoins exploded and many of them made profits on their BTC, USD and USDT pairs.
After such a strong Bitcoin recovery, the digital asset may enter a short consolidation period or even re-test the lower media. Historically, in these situations, funds flow into the altcoins and make them recover more.
If Bitcoin enters a lateral range in the next few days, investors can repeat this practice, thus extending the current spike seen among the altcoins.