Bitcoin (BTC) Price Breaks Above $14.1K And Sets New 2020 High
The United States Presidential Election 2020 is influencing the cryptocurrency market as it was expected. The top-ranked digital currency Bitcoin (BTC) has lifted up once again and has broken above its previous 2020 high. As per data from CoinMarketCap, the price value of Bitcoin has jumped above $14.1k which is the new yearly high for the major cryptocurrency.
On the day of the US Presidential Elections, the world’s largest digital currency in terms of market capitalization has broken above the key level of $14,000 twice. It went above this price level earlier today but only for a shorter period of time and then dropped down to $13,700. Now, it has once again surpassed this figure. This time the leading digital currency has made a new 2020 high by surging above $14,100, a few hours ago.
It is not only the peak value of BTC for the present year but also the highest value for the top digital asset since January 2018. On the major Bitcoin exchange Bitstamp, it even skyrocketed to $14,230 as well. At the time of writing, the price value of Bitcoin is standing at around $14,168 with a positive change rate of more than three percent in the last 24 hours.
As the results of the US elections are still unclear, Bitcoin’s price is continuously going up and is not holding back. The current sentiment of Bitcoin is extremely strong at the moment.
As compared to the previous Presidential Election of the United States that held in the year 2016, the price rally of BTC is higher this time. In 2016, Bitcoin recorded a rally of approximately 1.8 percent within the time frame of 24 hours after the election. But now the price value of the largest cryptocurrency is up over 3 percent in the last 24 hours and the final results have yet to appear.
However, one year after the 2016 Presidential election, Bitcoin reached its all-time high value in December 2017. So, should we expect another bull run from Bitcoin by the end of the next year? If the history follows then there is likely a chance that it may happen.
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