[US stock market rally]
With the hopes for a smooth transition to the new administration as well as optimism for a COVID19 vaccine closed the NYSE on a high note last night.
24th (local time) The NYSE from yesterday closed with Dow Jones up 1.54% to USD 30,046.24, the S&P 500 showing a 1.62% growth to 3,635.41, and the tech focused Nasdaq index up 1.31% to USD 12,036.79. The US market blockchain theme fell by 0.54%.
On the other hand, international gold prices continue to plummet on a daily basis. Gold for December fell 1.8% per oz to USD 1804.60. Investors seemed to have sided with a riskier investment selling off their gold in light of a positive outlook on a potential vaccine.
Bitcoin has rallied to USD 19,000 for the first time in 3 years. Facing a shortage this past January and its ever growing demand has boosted its growth to 160%.
According to expert cryptocurrency media outlet analyst Ray Salmond, “The main factors buoying BTC’s ongoing rally are whale accumulation, decreasing exchange supply and explosive volume trends.
According to Brian Estes, at US hedge fund Off the Chain Capital, “I have seen bitcoin go up 10, 20, 30 times in a year. So going up five times is not a big deal.” He also predicts that bitcoin could climb up to somewhere between USD 100k to USD 288K by the end of 2021 based on the S2F (stock to flow) model.
XLM and XRP have been rallying roughly 60% a day in the midst of a strong Altcoin market showing a 111% growth overall in a week. XLM hit a record high in more than two years, rising to $0.19 during the day, and blazed past BSV to end in 11th place.
Bitcoin definitely, as well as Altcoin is showing continuous growth. The NYSE is also on the rise and with it investment assets as well. As major media outlets such as CNBC are paying attention to the recent rise in the number of crypto-currency, larger funds are coming in. As much as major media outlets such as CNBC are paying attention to the recent rise in the number of crypto-currency, larger funds are expected in the near future.