Newsflash: Dow Climbs 1,050 Points in Largest-Ever Rally While Bitcoin Slumps
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Dow and S&P 500 had waded into the red earlier in the day, but the two stock market indices roared back to life heading into the afternoon, breaking away from their recent bearish trends. As of the time of writing, the Dow had rallied by 1,086 points for the day — its largest single-day gain ever — while the S&P 500 gained 4.95 percent after Mastercard SpendingPulse released data showing that retailers had experienced their best holiday spending season in six years.
On the crypto front, however, investors were much less enthusiastic. The bitcoin price traded down approximately 0.32 percent to a composite average of $3,819 over the previous 24 hours, and most other top 10-cryptocurrency assets posted minor pullbacks as well. Outside of the large-cap index, however, ethereum classic — ranked 17th by market cap — headlined with a 10.31 percent rally to $5.15.
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I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.
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