12:19Altcoins and stocks move higher after Bitcoin price rally to $40,000
Bitcoin’s move above $40,000 and the strong double-digit rallies of multiple altcoins prove bulls are running the show.
The price of Bitcoin (BTC) hit a new all-time high above $40,000 on Jan. 7 after the price increased by more than $5,000 in less than 24-hours.
BTC/USDT 4-hour chart. Source: TradingView.com
Shortly after Bitcoin surpassed $40,400, it ran into significant selling pressure that saw its price dip back as low as $36,600 before buyers came back in to take advantage of the quick dip in price.
Bitcoin’s 24-hour volume has reached a new all-time high of $82.4 billion, and a number of top cryptocurrency exchanges experienced outages and connectivity issues.
Stocks and altcoins move higher
The S&P 500, Dow Jones Industrial Average and NASDAQ 100 are all higher on the day, up 1.42%, 0.71% and 2.37%, respectively. The 10-year government bond has also firmly risen back above the 1% mark, trading at $1.076 at the time of writing.
Bitcoin’s surge above $40,000 increased its dominance rate to 69.1%, but this did not negatively impact altcoin prices. Notable movers of the day included XRP, which has rallied 38.59% to $0.35 over the past 24 hours.
XRP/USDT 4-hour chart. Source: TradingView.com
Other notable performers over the past 24-hours include Nano and Yearn.finance's YFI, which have seen increases of 77.33% and 20.93%, respectively.
While many analysts continue to call for new daily all-time highs from Bitcoin, crypto trader Scott Melker advised caution, and in private comments to Cointelegraph Melker said:
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