NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Is Sony The Next Crypto Bank? Tech Giant Applies For A National Charter In The US

Why Bitcoin Stagnance From Vaccine Hopes is Suddenly Causing an Altcoin Boom

Samuel Wan
Samuel Wan
1 year ago
3 mins read

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Bitcoin has settled into a consolidation range following its significant climb since the start of October. However, increasing sell pressure has many analysts calling for a sharp correction in the near term if $15k fails to hold.

Currently, the price of Bitcoin is down 1% in the last 24-hours to $15.3k.Bitcoin daily chart

Source: BTCUSDT on TradingView.com

On the other hand, U.S. stocks are booming. Record pre-market trading saw the Dow Jones open 5% up, while the S&P 500 benefited with a 3% gain.

Analysts have attributed this to the optimism brought about by news of Pzifer’s successful vaccine trials.

Energy, travel, and financials, which were the sectors hardest hit by the panic situation, were among the big percentage gainers.

On that, Baird Market Strategist Michael Antonelli spoke about the subsiding of election uncertainty, in conjunction with the vaccine news, leading to a frenzy of buying activity in the U.S. stock markets.

“Election uncertainty is fading into the rearview mirror. Now we have this boost of investor enthusiasm after the vaccine news.”

Vaccine Offers Hope For Return to Normality

The implications of a vaccine rollout hint at the return to normality. That is, no more lockdowns, the end of social distancing, and the freedom to be out in public without wearing a mask.

But mixed messages regarding this add to the uncertainty of the situation, which might possibly catalyze Bitcoin.

The BBC claims, despite the vaccine’s imminent roll-out, time is needed to control the virus. Meanwhile, COVID measures will remain in place until authorities deem the virus under control.

“There is still the monumental challenge of manufacturing enough vaccine and actually getting it into people. It is all going to take time and we need something to control the virus until then.”

Shapeshift CEO Erik Voorhees blasted the uncertainty. He believes authorities have little justification in enforcing coercive measures once a vaccine is rolled out.

Once a vaccine is widely available, lockdowns and mandates of all kinds should be immediately terminated.

High risk individuals can opt for vaccine, and anyone who accepts the COVID risk can do so.

Zero justification for coercion once vaccine is out.

— Erik Voorhees (@ErikVoorhees) November 9, 2020

Taking this into account, some would argue the vaccine driven stock market rally was a premature response.

Alts Boom While Bitcoin Takes a Breather

Safe-haven assets were the biggest losers of the day. Bitcoin mostly held its own, with just a 1% drop. But gold closed the day 5% down to $1,860 an ounce.

Nonetheless, as Bitcoin takes a breather, altcoins, which suffered a pummelling during BTC’s five-week rally, are starting to see recovery.

A look at Bitcoin dominance sees a sharp correction from 66.4% dominance on Friday last week. Since then, dominance has been ranging from 65.0% to 64.8%.

Bitcoin dominance

Source: BTC.D on TradingView.com

As a result, the top 100 tokens see some impressive gains over the last week. In particular, with several DeFi tokens posting notable gains.

But top performer, Civic, an identity verification token, leads the revival with a staggering 512% gain over the last week.

top 10 alt gainers of the last week

Source: coinmarketcap.com

With that, altcoin holders are praying for Bitcoin dominance to continue trending lower.

Tweet123Share196ShareSend
Samuel Wan
Samuel Wan

Samuel Wan

Samuel Wan is passionate about different cultures and eating good food. He has years of experience working in business and finance — a burgeoning interest in Bitcoin and cryptocurrencies since 2017. UK based.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin Price Wobbles

Bitcoin Price Wobbles — Is A Sharp Downside Move On The Horizon?

Bitcoin price is struggling to settle above $113,500 and $114,000. BTC is now consolidating and might start another decline below...

Aayush Jindal 4 hours ago
mid-october-market-rebound-whales-position-3-potential-100x-altcoins-tw

10月中市場回暖前下注焦點:崩盤後的巨鯨布局3大百倍山寨幣

在經歷短暫的市場崩盤後,加密貨幣市場再度出現資金回流跡象。根據多方鏈上數據顯示,被稱為「鯨魚」的大型投資者正趁著價格下跌重新建倉,將目光聚焦在具備技術優勢與市場敘事的新興項目上。 此次復甦的核心不僅在...

Peter Chow 4 hours ago
Elon Musk

Elon Musk Ends His Bitcoin Silence With A Surprising Comment

Elon Musk’s one-word reply on X has put Bitcoin back in the headlines, even if the comment was brief. His...

Christian Encila 4 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

cardano ada adausd

Cardano (ADA) Rebounds 2.2% to $0.70 as Whales Accumulate 200M Tokens Ahead of Berlin Summit

James Halver 1 hour ago
Ethereum

Ethereum High Timeframe Open Interest Breakdown Confirms Market Reset Phase — What This Means

Godspower Owie 2 hours ago
ethereum eth

Fidelity Buys $154.6M in Ethereum as Analysts Predict Move Toward New Highs Despite Outflows

James Halver 3 hours ago

Premium Sponsors

Press Releases

  • ChatGPT-5 predpovedá, že táto minca z teba môže urobiť milionára

    ChatGPT-5 predpovedá, že táto minca z teba môže...

    13 hours ago
  • ChatGPT-5 szerint ez az érme milliomost csinálhat belőled

    ChatGPT-5 szerint ez az érme milliomost csinálhat...

    13 hours ago
  • ChatGPT-5 předpovídá, že tato mince z vás může...

    13 hours ago
  • ChatGPT-5 przewiduje, że ta moneta może uczynić Cię milionerem

    ChatGPT-5 przewiduje, że ta moneta może uczynić Cię...

    14 hours ago
  • Why Meme Coins are the Best Bets in Q4

    Meme coin tiềm năng nên mua để đạt lợi nhuận...

    15 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.