March 8, 2021

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Altcoins and stocks move higher after Bitcoin price rally to $40,000

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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.

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BTC/USDT 4-hour chart. Source: TradingView.com

The $40,000 barrier marks a significant milestone for the top-ranked cryptocurrency. According to Matt Blom, head of global sales trading at EQUOS:

“Bitcoin’s march to $40k has been driven by fresh capital from huge hedge funds, corporate treasuries and awareness from the investing public that all is not well in the world of fiat. It’s easy to forget that we are still in the very early stages of adoption.”

Blom added that instead of trying to “pick the top,” investors should just “enjoy the ride.”

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

Traditional markets also saw positive tradingTitle: Altcoins and stocks move higher after Bitcoin price rally to $40,000
Sourced From: cointelegraph.com/news/altcoins-and-stocks-move-higher-after-bitcoin-price-rally-to-40-000
Published Date: Thu, 07 Jan 2021 21:27:35 +0000