S&P/ASX 200: Crypto Market Shades Points as Aussie Stocks Peak

The recent bullish rally in the cryptocurrency market is gradually calming down, as many popularly-traded digital currencies, including Bitcoin (BTC), Ether (ETH), Ripple (XRP), etc., were seen slightly dropping and fluctuating in price today. While the crypto market shades points, the Australian stock market was seen in its good times. The S&P/ASX 200 reached/closed on Tuesday with more than ten points from the previous close. 

Australian Stocks Reached Nine-month High

According to the information today from the Sydney Morning Herald, the S&P/ASX 200 peaked by 12.7 points or approximately 0.2 percent, to close at 6687.7 points on Tuesday. The record today accounts for a new nine-month high – a closing point, which was last seen on February 26, according to the report. Notably, the stock market has been garnering some points for the past few days. 

The ASX reportedly has added six-day straight gains since December. This comes as consumers’ confidence figures are currently at the highest level all year. Meanwhile, the report opined that the hopes for COVID-19 vaccines are driving up the market, especially as some vaccines have been dispatched to countries like the United Kingdom (UK). 

“On the global side, it would seem that markets are certainly quiet today, but over the last month or so the biggest theme has been one of optimism over the rollout of vaccine programs, said Andrew Ticehurst at Nomura Australia. “That is certainly buoying the market, and after a very tough year, I think the prevailing sentiment is that there are better days ahead.”

The Crypto Market Dips

Arguably, there hasn’t been any notable increase in the cryptocurrency market after the leading digital currency, Bitcoin, briefly surpassed the previous all-time high (ATH), at over US$19,900. The global cryptocurrency market capitalization is down by 1.27 percent in a 24 hours count at US$557.13 billion, according to the information provided by Coinmarketcap, a digital currency price tracking platform.

Serially, the number one to ten top digital currencies were down in the last 24 hours and seven-day chart. At the time of writing, Bitcoin, Ether, and Ripple were trading at US$18,853, US$574, and US$0.585, respectively. The current volatility in the market was well predicted by a few industry analysts, who added that there would be another significant increase in the market after it survives this condition.