The price of Bitcoin (BTC) rose more than 2% in two hours to briefly over $ 14,000 when polls in many US states began closing Nov. 3. At the time of writing, it was just below the limit.
Today is Election Day in the United States and many crypto leaders are predicting Bitcoin could be the big winner in a highly controversial race. At the time of publication, officials have counted more than 400,000 ballots.
Bitcoin has only been around for two US presidential elections, but the price has risen significantly with each successive race. In November 2012, 1 BTC was estimated to be around $ 12, while its price was over $ 700 in 2016. With the coin hitting $ 14,309 at the time of publication, it represents a 1,900% increase in four years, or about 140,000% in eight years.
This is the second time that BTC has peaked above the $ 14,000 barrier in just a week, with influencer The Crypto Lark noting that the daily candle just had Closed more than $ 14,000 for the first time since January 2018.
Non-political factors, including growing institutional interest and PayPal’s decision to offer crypto services, may explain the price increase. Social media engagement has also increased this month.
According to analysis platform The Tie’s weekly report, the volume of tweets mention Bitcoin was up 15% to 835,000 in October. The Tie reported that BTC achieved a positive return of 30% in October compared to 10% return on Ether (ETH).
With ballots still being counted in the US, many are predicting the volatility of cryptocurrencies and the stock market.