Bitcoin Closes Week Above $69,000, Altcoins Rebound Strongly
Bitcoin closed above $69,000 last week with a respectable 9.8% gain.
●U.S. stock index futures rose slightly on Sunday evening, with the Dow and S&P 500 hitting new highs for the sixth consecutive week, posting their best weekly gains so far in 2024.
.Dow futures rose 44 points, or 0.1%. S&P 500 and Nasdaq 100 futures rose 0.13% and 0.16%, respectively.
.These moves came as the S&P 500 and the 30-stock Dow both hit all-time highs on Friday, posting their sixth consecutive week of gains, their best performance so far this year. The S&P 500 rose 0.85% for the week, the Dow soared 0.96%, and the Nasdaq Composite rose 0.8%.
●Whether the stock market can sustain this rally will depend on whether companies can beat expectations in their earnings reports this quarter. About a fifth of S&P 500 companies are set to report earnings this week.
So far, the results have been mixed. Of the S&P 500 companies that have reported third-quarter results, 79% have beaten expectations, according to John Butters of FactSet. But he noted that the magnitude of those beats is not too optimistic.
●The recent run of gains has made investors optimistic that stocks still have a lot of room to rise. But they also warned that stretched valuations could lead to greater volatility amid the U.S. presidential election and rising geopolitical risks.
●On the other hand, key indicators for September will be released on Monday.
●BTC recorded a positive performance last week, with prices soaring 9.8% to close above $69,000, a new high since late July.
This is the second consecutive week of gains for BTC, after hitting a local low of $59,000 on October 10.
●Since then, BTC has rebounded strongly, pushing prices above $69,000. $BTC
.The altcoin market surged after BTC returned to $69,000.
.The leader was ApeCoin (APE), which surged 62% in 24 hours and more than 100% on the daily chart.
.APE's surge came after the project announced the launch of ApeChain, ApeCoin's second-layer network, at the ApeFest event on October 20 (Vietnam time). $APE
.Following closely behind was dYdX (DYDX), which also rose more than 30% on the day. $DYDX