Economy

As Bitcoin Hits New 2020 Highs, The Course Strikes Comparison With 2016 Election Cycle

Bitcoin (BTC) traded above the key psychological $14,000 mark at press time late Wednesday, gaining over 3.5% in the trailing 24-hour period. The surge comes amid the uncertainty over the winner of the presidential election in the United States.

What Happened: The cryptocurrency has gained 6.6% in a 7-day period leading up press time. 

Other altcoins mostly traded in the green with Ethereum (ETH) gaining 6%, Chainlink (LINK) rising 3.16%, and Litecoin (LTC) going up 3.6% at press time.

Following the trend was XRP, up 0.62%, and Bitcoin Cash (BCH) — which rose 0.63% as of press time.

Monero (XMR) was an outlier, down 3.34% over 24 hours.

The bullish movement in Bitcoin is similar to the one seen during the weeks leading up to the 2016 elections when the apex cryptocurrency ran up from $600 levels to $740, a gain of over 20%. Bitcoin has rallied more than 30% from the beginning of October to press time.

Why It Matters: While not much volatility was seen during the election in either 2016 or 2020, big movements in Bitcoin may occur post the declaration of election results, noted Cointelegraph.

Bitcoin (BTC) traded above the key psychological $14,000 mark at press time late Wednesday, gaining over 3.5% in the trailing 24-hour period. The surge comes amid the uncertainty over the winner of the presidential election in the United States.

What Happened: The cryptocurrency has gained 6.6% in a 7-day period leading up press time. 

Other altcoins mostly traded in the green with Ethereum (ETH) gaining 6%, Chainlink (LINK) rising 3.16%, and Litecoin (LTC) going up 3.6% at press time.

Following the trend was XRP, up 0.62%, and Bitcoin Cash (BCH) — which rose 0.63% as of press time.

Monero (XMR) was an outlier, down 3.34% over 24 hours.

The bullish movement in Bitcoin is similar to the one seen during the weeks leading up to the 2016 elections when the apex cryptocurrency ran up from $600 levels to $740, a gain of over 20%. Bitcoin has rallied more than 30% from the beginning of October to press time.

Why It Matters: While not much volatility was seen during the election in either 2016 or 2020, big movements in Bitcoin may occur post the declaration of election results, noted Cointelegraph.

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