The bulls showed on Tuesday that they are in complete control of the crypto market as Bitcoin (BTC) reached 19,418.97 and many top-10 Iltcoins went into a two-digit battle at the new 2020 high.
Well known artists of the day were Stellar Lumen (XLM) and XRP with growth of 53% and 38%, respectively.
With all the excitement and anticipation, BTC is likely to stabilize towards $ 20,000, crypto traders will have missed an equally impressive performance in traditional markets.
On the same day, the Dow also rallied by more than 400 points to reach a new all-time high of 30,046. The S&P 500 and Nasdaq followed by adding 1.6% and 1.3%.
According to market analysts, the development of three effective COVID-19 vaccines, low interest rates as part of the Federal Reserve policy, the prospect of a second phase of economic stimulus, and the accelerating transition of power between the Trump administration and President-elect Biden provide much-needed confidence in markets.
At the time of writing S&P 500 and Nasdaq futures are also seeing an increase, indicating that today’s rally may continue on the opening bell on Wednesday.
Year-to-date, the Dow is down 6.84% and the S&P 500 is up 10.73%. While this is a good return for any investor’s portfolio, Bitcoin is currently up 166.67% in both, according to Squaw’s data.
Surprisingly, Ether has continued to push up the price of Bitcoin and last week, the top-ranked Altcoin entered a parabolic rally that pushed the price to a high of 2020 at 62 623.
In general, Bitcoin and Ether (ETH) prices receive the most media coverage regarding their price movement but this week has shown that Welcoins should not be ignored.
The top two digital assets by market cap have been surprisingly bullish year-to-date, while data from social analytics data provider, TheTIE shows that even small cap altcoins are making some serious waves.
Tweet volumes for selected Velcoins erupted in the last 24-hours and many Velcoins realized gains in their BTC, USD and USDT pairs.
After such a strong rally from Bitcoin, digital assets may enter a short period of consolidation or even register lower support. Hist Historically, in these situations, funds carry in alcoins and lead them to more rallies.
If Bitcoin enters the side range in the coming days, investors may repeat this practice, thus prolonging the current rally seen between Welcoins.
