The price of Bitcoin surged above $19,600 for the first time in three weeks on Tuesday as the US dollar continued to weaken. The US dollar index, which tracks the dollar against a basket of other currencies, fell to its lowest level since early October at 110. The weakness in the dollar has helped to drive up the price of Bitcoin, as well as other assets such as gold and silver.
Source: Tradingview
Positive sentiment
According to BCUBE’s sentiment data, traders are feeling pretty positive. In fact, emotions like happiness, joy, and love have been on the rise in recent months. fear, anger, and sadness, on the other hand, have been declining.
Altcoins are in a mini-rally
The price of Ethereum is up 13.73 percent.
Source: Tradingview
The smaller capitalization cryptocurrencies are on the rise today, with Cardano leading the pack with a 12.74 percent increase in its exchange rate in the last 24 hours.
Source: Tradingview
Ethereum Classic isn’t far behind, with an 11.92 percent increase, followed by Solana with an 11.38 percent rise.
Source: Tradingview
Source: Tradingview
Polkadot and Litecoin are also up, by 10.18 and 9 percent respectively.
Source: Tradingview
These increases come after a period of relative stability in the cryptocurrency markets and suggest that investor confidence is on the increase. With Bitcoin still dominating the market, it remains to be seen how long these smaller currencies can maintain their momentum.
Tech shares drop
It appears the Nasdaq futures are in for a slump today, as Dow Jones Industrial Average futures fell by 49 points or 0.2%. S&P 500 and Nasdaq 100 futures declined 0.7% and 1.6%, respectively.
One big premarket loser was Google-parent Alphabet, whose shares dropped 6%. The reason for the market’s jitters is unclear, but it could be due to the YouTube Ad revenue decline. Alphabet was not the only declining tech stock of today. Microsoft’s weak cloud revenue data also cost the company a 6% drop in share price.
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