The price of Bitcoin (BTC) striking a new all-time high higher up $40,000 on Jan. 7 afterwards the toll increased past more than $v,000 in less than 24-hours.

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

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

"Bitcoin'due south march to $40k has been driven past 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 nosotros are all the same in the very early stages of adoption."

Blom added that instead of trying to "pick the top," investors should simply "enjoy the ride."

Before long after Bitcoin surpassed $forty,400, it ran into significant selling pressure that saw its price dip back as low every bit $36,600 before buyers came back in to take advantage of the quick dip in cost.

Bitcoin's 24-hour volume has reached a new all-time loftier of $82.4 billion, and a number of peak cryptocurrency exchanges experienced outages and connectivity problems.

Stocks and altcoins motion higher

Traditional markets also saw positive trading as the results of the United States presidential election at present appear to be finalized with Democrats decision-making the presidency and both houses of Congress.

The S&P 500, Dow Jones Industrial Average and NASDAQ 100 are all higher on the day, up i.42%, 0.71% and ii.37%, respectively. The 10-year government bail has also firmly risen back above the 1% marker, trading at $1.076 at the time of writing.

Bitcoin's surge above $twoscore,000 increased its potency charge per unit to 69.one%, but this did non negatively bear on altcoin prices. Notable movers of the day included XRP, which has rallied 38.59% to $0.35 over the past 24 hours.

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

Ether (ETH) toll besides continued to soar higher, setting a new 2020 high at $1,282 as the largest altcoin pursues its $1,400 all-fourth dimension high.

Other notable performers over the past 24-hours include Nano and Yearn.finance's YFI, which accept seen increases of 77.33% and xx.93%, respectively.

While many analysts keep to call for new daily all-time highs from Bitcoin, crypto trader Scott Melker brash caution, and in private comments to Cointelegraph Melker said:

"Beyond being a psychological level and a round number, I don't view 40K as specially significant. From a technical perspective, in that location is no resistance ahead - merely blueish skies considering Bitcoin is in parabolic price discovery. The expectation would certainly be that a major correction will eventually come, but information technology is a fool'due south errand to try to fourth dimension information technology or to assume that an capricious number like 40K will be the top."