Australian Stock Market Pushes for New High as Bitcoin (BTC) Surges

As the year rounds up, both the Bitcoin and Australian stock market are seen recouping from the losses incurred during the severe times of the coronavirus pandemic. It’s clearly an exciting time for Bitcoin investors and traders as the leading digital currency is rallying to make another all-time high (ATH) at above US$20,000. Likewise, the S&P/ASX 200 has been making a big push towards the highest point recorded in February.

Aussie Stocks are Bouncing Back

On Wednesday, the S&P/ASX 200 garnered about 39.20 points from the previous level to close at the current point of 6683.3. This represents about 0.59 percent growth. During the trading hours, the index reportedly surged to about 6713 points, which was only 6.7 percent away from the highest level attained in February, before the market collapsed in March due to the pandemic.

The energy, material, and financial sectors are leading the market while other sectors like healthcare, information technology (IT), and communication were seen underperforming. Among other things, the upticks in the Australian stock market were related to the low-interest rates, the news on COVID-19 vaccines progress, including low inflation. While speaking on the development, the market analyst at Bell Direct, Jessica Amir, commented:

“Markets are really just giving us a forward look of what the future is going to look like from here on in. […] It is a pretty good day and another nine-month high, there is not much to complain about.”

Bitcoin on Pace to ATH

The leading cryptocurrency has jumped in price exponentially since the rally began in October. The cryptocurrency is pushing towards the highest level, which is slightly below the US$20,000. Presently, one Bitcoin is traded at the price of US$19,210 on Coinmarketcap, a digital currency price tracking platform. Since the year began, the digital currency has grown by over 100 percent from as low as US$9,500 in January.

Many analysts separately speculated that both the S&P/ASX 200 and Bitcoin are likely to finish at a new all-time high.However, only time would tell how true the speculations can be.