Bitcoin Correlation with S&P 500 at all-time high. What this means
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The Supreme Court on Wednesday struck down RBI’s curbs on cryptocurrency trade in India, calling them ‘illegal’. The order in effect lifted the ban on trading in virtual currency, cryptocurrency and bitcoins. ET Prime’s Arti Singh explains how this verdict impacts cryptocurrency consumers and companies. Watch
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They say that a rising tide lifts all boats, and this saying is especially true within the crypto markets, with Bitcoin being the tide and the various major altcoins being the boats that tend the follow its lead. Bitcoin’s recent surge from lows of $6,800 has revitalized the markets, allowing multiple altcoins to post decent recoveries from their recent lows, and one analyst is now noting that many crypto’s ability to surge concurrently with BTC is a bullish sign. At the time of writing, Bitcoin is currently trading up over 2% at its current price of $7,500, which marks a slight climb from its daily lows of $7,300, and a notable climb from its recent lows of $6,800. It is imperative to note that this rally has not come about at the expense of other cryptocurrencies, as many major altcoins have similarly been able to put some significant distance between their current prices and their recent lows. Ethereum is one such altcoin that has climbed significantly from its recent lows of $126, as it is now trading at nearly $140. Litecoin has also been able to surge, jumping from weekly lows of $39 to highs of $45. Because the markets are tracking Bitcoin – for both better and worse – it does appear that all eyes are closely watching to see where BTC goes next, and one analyst thinks the next move could greatly favor bulls. DonAlt also shared his thoughts on the state of the general crypto market in a tweet from a couple of days ago, explaining that the fact that altcoins have been able to climb in tandem with Bitcoin may signal that this recent rally has some long-term significance. How the crypto markets trend in the coming few days could offer deeper insight into how they will trend throughout the first half of the new year.
All data is taken from the source: https://www.newsbtc.com/
Article Link: https://www.newsbtc.com/2020/01/05/heres-what-altcoins-rally-means-for-where-the-crypto-markets-are-heading-next/
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Here’s What Altcoins’ Rally Means for Where the Crypto Markets are: https://www.youtube.com/watch?v=oo7yROnV0rU
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This video is an informational entertainment product about cryptocurrencies such as Bitcoin, Ethereum, and XRP, and does not constitute financial advice. I am a cryptocurrency commentator who gives his personal opinions about news, market movements, investments, and cryptocurrencies, not a professional financial advisor. All news are sourced from the list of articles given below and I am not liable for mistakes and misinformation contained within them.
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G-20 finance ministers are talking about cryptocurrencies. This is big news for Bitcoin and all cryptocurrencies. We check in with our own finance minister Barry Schmelling, for insightful analysis.