Several of the top 10 altcoins is now gearing towards their yearly all-time highs. Even the traditional financial market is eyeing its record all-time highs. Altcoins has moved up by the triple-digit mark with the Dow spiking above 30,000 as Bitcoin is heading towards its all-time high. The crypto market has significantly performed well as Bitcoin rallies towards $19,418.97. Analysts are expecting that the largest cryptocurrency by market capitalization will move towards $20,000.
Altcoins and Dow Spike as Bitcoin Heads Higher
The Dow rallied towards an all-time high at 30,046, moving up by more than 400 points. Similarly, the S&P 500 has also moved up by 1.6%, with the Nasdaq going up by 1.3%. Both the S&P 500 and the Nasdaq are continuing to move higher at the time of publication.
Yearly analysis indicates that the Dow has been up by 6.84%, the S&P 500 by 10.73%. A notable point to be made here is that Bitcoin has outperformed better than the traditional financial market, rising by 166.67%.
Meanwhile, the price of Ether has significantly performed better than Bitcoin, rallying to its yearly high above $600.
Moreover, it is not only Bitcoin and Ether which have performed in a better way. Social analytics platform, TheTIE, have also indicated that small-cap altcoins have too performed in a better way.
Larger Fundamental Trends Behind Financial Market Gain
Selected altcoins have also been performing massively with gains in their BTC, USD, and USDT pairs. Altcoins such as Stellar Lumens (XLM) gained by 53% with XRP moving towards a 38% gain.
With Bitcoin rallying to its all-time highs, the cryptocurrency might enter a small period of consolidation or even retest slower supports. In this situation, the valuation moves into altcoins causing it to pump even higher.
Market analysts view that the ongoing development of three COVID-19 vaccines, the much anticipated second economic stimulus, and the impact of the U.S. presidential election have caused the price to spike in the financial markets.