The Bitcoin reaching $19,400, the altcoins rising by three digits and the Dow setting an all-time record of 30,000 show that the highest-ranking players are leading every corner of every market.
Bitcoin price, altcoins and Dow hit record highsMARKET
On Tuesday, the highest-ranking figures showed that they are in full control of the market for cryptomorphs with the Bitcoin (BTC) rising to US$19,418.97 and several of the top 10 highest-ranking entered double-digit records for 2020.
Coins with the day’s notable performance were the Stellar Lumens (XLM) and the XRP with gains of 53% and 38%, respectively.
Daily performance of the cryptomens market. Source: Coin360
With all the excitement and expectation surrounding the possibility of BTC passing $20,000, cryptomote operators may have lost an equally impressive performance in traditional markets.
On the same day, the Dow Jones also climbed over 400 points, guaranteeing an all-time high of 30,046. The S&P 500 and Nasdaq followed suit, adding 1.6% and 1.3%.
According to market analysts, the development of three effective vaccines against OVID-19, interest rates at record lows as part of Federal Reserve policy, the possibility of a second round of economic stimulus, and the increasing pace of power transition between Trump’s administration and that of President-elect Biden is providing a much-needed boost of confidence to markets.
At the time of writing, the futures of the S&P 500 and Nasdaq were also rising, suggesting that Tuesday’s rise could continue at the opening bell on Wednesday.
The year-to-date DOW rose 6.84% and the S&P 500 10.73%. While these are good returns for any investor’s portfolio, Bitcoin far outperformed both, currently up 166.67%, according to Skew data.
Macro asset returns for the year-to-date. Source: Skew
Surprisingly, Ether (ETH) continues to outperform Bitcoin. Last week, the highest-ranked altcoin went into a high satellite dish that brought the price to a 2020 high of US$623.
Bitcoin and Ethereum performance for the year-to-date. Source: Digital Assets Data
Usually Bitcoin and Ether receive most of the media coverage on their price movements, but this week has shown that altcoins should not be forgotten.
While the two largest digital assets by market capitalization showed an incredible high this year, data from social analysis data provider TheTIE shows that the smaller capitalization altcoins are also making good waves.
Most popular crypto assets on Twitter (24 hours). Source: TheTie
In the last 24 hours, tweets volumes for selected altcoins have exploded and many altcoins have gained on their BTC, USD and USDT pairs.
After a strong recovery of Bitcoin, the digital asset may enter a brief period of consolidation or even re-test the lower media. Historically, in these situations, the funds flow into the altcoins and cause them to rise further.
If Bitcoin swings in a lateral range in the next few days, investors may repeat this practice, thus extending the current high view between the altcoins.
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