The price of Bitcoin (BTC) rose more than 2% in two hours and briefly broke above $ 14,000 when polls began to close in many US states on November 3rd. At the time of writing this article, the price was just below the key brand.
Today is election day in the United States and Many executives in the crypto space predict that Bitcoin could be the big winner in an extremely controversial campaign. At the time of going to press, officials have counted more than 400,000 votes.
Bitcoin has only seen two U.S. presidential elections, but the price has increased significantly between each election campaign. In November 2012, 1 BTC was valued at around USD 12. while In 2016, the price was over $ 700. Today the coin hit USD 14,039 at the time of writing this article, This corresponds to an increase of 1,900% in four years or around 140,000% in eight years.
This is the second time BTC breaks the $ 14,000 limit in just one week. and influencer The Crypto Lark noticed that The daily candle just had conclude over $ 14,000 for the first time since January 2018.
Non-political factors, including growing institutional interest and PayPal’s decision to offer cryptocurrency services, can explain the price increase. Social media participation has also increased this month.
According to the analysis platform’s weekly report The tie, The volume of tweets mentioning Bitcoin rose 15% to 835,000 in October. The Tie reported that BTC posted a positive return of 30% in October, compared to a 10% return on Ether (ETH).
While the votes in America keep counting Many predict volatility between cryptocurrencies and the stock market.