BTC - Could This Bitcoin Rally Finally Have Staying Power?
Wall Street put the wind at its back on Tuesday, with investors finally deciding that they'd seen enough bad days in a row. With futures contracts for the Dow Jones Industrial Average (DJINDICES: ^DJI) , S&P 500 (SNPINDEX: ^GSPC) , and Nasdaq Composite (NASDAQINDEX: ^IXIC) up between 1% and 2%, it appeared that the major market indexes would have a good morning after the S&P hit new 2022 lows at the end of trading on Monday.
Bitcoin (CRYPTO: BTC) also roared back above $20,000 after seeing intense pressure recently, and many other digital assets and cryptocurrency stocks posted sizable gains. Yet with Bitcoin and Ethereum (CRYPTO: ETH) still down substantially from their respective 2021 highs, the unanswered question is whether Tuesday's rally will finally be the one that ends the wintry mood in the crypto markets -- or just fizzle out like so many other rebound attempts have in recent weeks.
Bitcoin's 7% gains to around $20,250 were representative of moves across many digital assets. Ethereum was up more than 7% as well, challenging the $1,400 mark for the first time in more than a week. Solana and Chainlink were up 7% and 9% respectively, while Uniswap led the way higher among major digital assets with an 18% jump.
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Could This Bitcoin Rally Finally Have Staying Power?