Bitcoin, Stock Markets Boom as US Election Race Tightens

US financial markets continue to react positively as Americans await the results of the 2020 presidential election. With the race tightening and no clear winner yet in sight, investors remain optimistic. The stock market took another sizable jump today, and BitcoinBitcoin boomed to its highest price in over three years.

The S&P 500 experienced a rise of more than 2% to reach nearly 3,520 points. This would be the fourth consecutive day in which stocks closed higher.

Similar indices also registered an optimistic mood. The Nasdaq exceeded a 2% growth, getting close to the 12,000 points mark. The Dow Jones, meanwhile, likewise rose 2%, settling comfortably at 28,390 points.

For its part, Bitcoin registered its third consecutive day on the rise, reaching a three-year high of $15,312. Its price has corrected since, and Bitcoin is now trading at around $15,200, an 8% jump within the last 24 hours and 14% increase in the last week.

Bitcoin has been on a bull run since March, just after the coronavirus-induced market panic collapsed its price. Its rise has been precipitated by large institutions, such as JP Morgan and Fidelity, as well as Big Tech companies like Square, jumping in the Bitcoin action. The US political and economic landscape has also helped, market analysts say.

But today, the cryptocurrency broke past the bullish channel that it had been maintained for months. That is to say that the sustained bullish momentum pushing Bitcoin upwards exceeded even those bullish expectations. If things continue on this trend, what were once resistance markers (a difficult limit to overcome on the way up) may now become markers of support (a difficult price to break past on the way down).

The altcoin crypto market is, predictably, following Bitcoin's performance. Except for Cardano, which rose 1.8%, all top 10 altcoins by market cap are registering spikes of more than 2% in the last 24 hours.