Altcoin Prices Surge As Bitcoin Stabilizes Around $27k

While bitcoin stole all the headlines over the holiday weekend, altcoins are starting to play catch up with Ethereum surging over 12% as bitcoin stabilizes...

Source: Bloomberg

Bitcoin has stabilized around $27,000 after futures opened and saw major short liquidations...

Source: Bloomberg

And Ethereum soared to $730...

Source: Bloomberg

Flipping the recent trend of bitcoin outperformance, pushing ETH back above 0.025x BTC...

Source: Bloomberg

QCP Capital, a Singaporean crypto trading firm, wrote today in a note to investors, “late yesterday we got the usual swapping of BTC profits into the Alts, driving ETH to new cycle highs as well. The ETHBTC bounce happened at 0.023, which has proved a strong level for those looking to diversify their growing BTC balance sheets into ETH.”

And, as markets return to digest a wild Christmas, CoinTelegraph presents five factors set to help with Bitcoin price direction this week.

image courtesy of CoinTelegraph

Gold surges as Trump signs stimulus bull

Markets have been spared a nightmare this week after U.S. President Donald Trump agreed to sign off on Congress’ $900 billion coronavirus stimulus bill.

Set to add a large amount of debt to the Federal Reserve’s existing mountain, the package includes various benefits for businesses but stops short of providing Americans with the same level of direct financial support seen in March.

Trump had said that the low direct payment amount of the second stimulus — $600 against $1,200 last time — meant that he could not condone it, but subsequently changed his mind.

Markets have thus begun a new week on a positive note, with slight gains seen on S&P 500 futures prior to the Wall St. open.

At the same time, gold has returned in style, with data showing that the precious metal is now on track for its biggest one-year gain in a decade.

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