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The price of Bitcoin (BTC) hit a new all-time high above $40,000 on Jan. 7 after the price increased by more than $5,000 in less than 24-hours.

The $40,000 barrier marks a significant milestone for the top-ranked cryptocurrency. According to Matt Blom, head of global sales trading at EQUOS:

Blom added that instead of trying to "pick the top," investors should just "enjoy the ride."

Shortly after Bitcoin surpassed $40,400, it ran into significant selling pressure that saw its price dip back as low as $36,600 before buyers came back in to take advantage of the quick dip in price.

Bitcoins 24-hour volume has reached a new all-time high of $82.4 billion, and a number of top cryptocurrency exchanges experienced outages and connectivity issues.

Traditional markets also saw positive trading as the results of the United States presidential election now appear to be finalized with Democrats controlling the presidency and both houses of Congress.

The S&P 500, Dow Jones Industrial Average and NASDAQ 100 are all higher on the day, up 1.42%, 0.71% and 2.37%, respectively. The 10-year government bond has also firmly risen back above the 1% mark, trading at $1.076 at the time of writing.

Bitcoins surge above $40,000 increased its dominance rate to 69.1%, but this did not negatively impact altcoin prices. Notable movers of the day included XRP, which has rallied 38.59% to $0.35 over the past 24 hours.

Ether (ETH) price also continued to soar higher, setting a new 2020 high at $1,282as the largest altcoin pursues its $1,400 all-time high.

Other notable performers over the past 24-hours include Nano and Yearn.finance's YFI, which have seen increases of 77.33% and 20.93%, respectively.

While many analysts continue to call for new daily all-time highs from Bitcoin, crypto trader Scott Melker advised caution, and in private comments to Cointelegraph Melker said:

The rest is here:
Altcoins and stocks move higher after Bitcoin price rally to $40,000 - Cointelegraph