Bitcoin price, altcoins and the Dow set all-time highs as bulls rule the market

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On Tuesday, the bulls showed full control of the crypto market as Bitcoin (BTC) hit $ 19,418.97 and several top 10 altcoins unleashed double-digit highs to new 2020 highs.The notable performers of the day were Stellar Lumens (XLM) and XRP with a gain of 53% and 38% respectively.

Daily performance of the cryptocurrency market. Source: Room360

With all the excitement and anticipation surrounding the possibility of BTC going down to $ 20,000, crypto traders may have missed out on an equally impressive performance in traditional markets.

On the same day, the Dow Jones also rose more than 400 points to a new all-time high at 30,046. The S&P 500 and Nasdaq followed suit adding 1.6% and 1.3%.

Dow Daily Chart (DJI). Source: TradingView

According to market analysts, the development of three effective COVID-19 vaccines, record low interest rates under Federal Reserve policy, the possibility of a second round of economic stimulus and the increasing pace of the transition of power between the Trump administration and President-elect Biden gives markets a boost of confidence.

At the time of writing, S&P 500 and Nasdaq futures are also rising, suggesting that today’s rally could continue at the opening bell on Wednesday.

Year-to-date, the DOW is up 6.84% and the S&P 500 up 10.73%. While these are good returns for any investor’s portfolio, Bitcoin has far outperformed both with a current rise of 166.67% according to Skew data.

Annual returns on macroeconomic assets. Source: Skew

Surprisingly, Ether continues to outperform the price of Bitcoin and over the past week the top-ranked altcoin entered a parabolic rally that took the price to a 2020 high of $ 623.

Bitcoin and Ethereum YTD performance. Source: digital asset data

Typically, Bitcoin and Ether (ETH) prices receive most of the media coverage regarding their price movement, but this week has shown that altcoins shouldn’t be overlooked.

While the top two digital assets by market cap have staged an incredible rally since the start of the year, data from TheTIE, a provider of social analytics data, shows that smaller cap altcoins are also making serious waves. .

Main crypto assets on Twitter (24 hours a day). Source: TheTie

In the past 24 hours, tweet volumes for some altcoins have exploded and many altcoins have made gains in their BTC, USD, and USDT pairs.

After such a strong Bitcoin rally, the digital asset may enter a brief period of consolidation or even retest lower supports. Historically, in these situations, funds flock to altcoins and push them up higher.

If Bitcoin enters a sideways range over the next few days, investors could repeat this practice, extending the current rally seen among altcoins.

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