Altcoins And Stocks Move Higher After Bitcoin Price Rally To $40,000

February 11, 2021 by  
Filed under Business

Good news for all Altcoin holders! As per the latest news, Altcoins and stocks move higher after the Bitcoin’s rally to $40,000. The double-digit rally shows that the bulls are finally running the show.

As per a market review and analysis, it was found that the price of Bitcoins was at an all time high upto $40,000, as on January 7th. The best part about this is that the price has increased by almost $5,000 within a period of 24-hours. The $40,000 mark achieved by Bitcoins who’s that it has achieved the significant milestone of being the top-ranked crypto currency. This claim was made by the head of Global sales at Equus.

Reasons for Bitcoin’s high growth?

The high march by Bitcoin is driven by the fresh capital received from different hedge funds, corporate treasuries, and the high-scale awareness by the investors and general public.

From the moment bitcoin achieved the mark of $40,000, it went through the phase of selling pressure. Thus, it witnessed a price dip back at almost $36,600 even before the buyers came back to get the advantage of the quick drop in price.

The 24-hour volume of bitcoin has led it to reach the new all-time high of $82.4 billion. Many investors and crypto exchanges have experienced significant outages as well as connectivity issues.

How did the stocks and Altcoins see a significant high?

Even the traditional market saw positive growth because of the finalization of the United State’s Presidential elections. Finally, Democrats have controlled the presidency and the house of Congress. Even the government bonds have risen above the mark of 1% at $1.076.

Impact of bitcoin’s rise

The recent surge of Bitcoin above the mark of $40,000 has increased its dominance rate to almost 69.1%. But, this rise has not impacted Altcoin negatively. Even Ether has continued to soar high in 2020 and it has achieved high upto $1,282. Infact, the best part is that Altcoin is at its all time high at $1400.

Who are the other performers?

Other top performers include Nano and Yearn. Market for these crypto currencies has increased by 77.33% and 20.93% respectively.

Although this new all time high for Bitcoin is considered as a big achievement, investors are advised to not move towards heavy investment. People need to use their wisdom before making any heavy investment.

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