The price of BTC has reached 75% of its all-time high. For more than 100 days, bitcoin has hovered above $ 10,000.
The price of bitcoin surpassed the $ 15,000 mark on Thursday, November 5, less than a day after having overcome the resistance of $ 14,000. The last few weeks were favorable for the first cryptocurrency, since a month ago; it registered a price of USD 10,800, which represents an appreciation of 40% in the last 30 days.
The uncertainty about the outcome of the US presidential elections has been associated with the current bitcoin price boom. In the last 24 hours, BTC has risen more than $ 1,000, and this week, the price showed an increase of 8.5%.
Another factor favorable to bitcoin is the growing trend of institutional adoption, which highlights its role as a haven asset against inflation.
Priced at $ 15,176, at the time of writing, bitcoin’s market capitalization stands at $ 281,295 million. Meanwhile, the total capitalization of the cryptocurrency market reaches $ 430,380 million.
In the order books of the major exchanges, purchases of BTC are preponderant over sales. Such a scenario allows us to assume upward pressure on the price, as seen in the following graph, coming from Binance.
The price of bitcoin broke a record this Wednesday, November 4, reaching 100 days above $ 10,000. The bullish breakout began on July 27, when that resistance level was broken. Upon surpassing the milestone of $ 15,000, the price of BTC is above 75% of its all-time high of December 2017.
Election predictions
When Trump came to power on January 20, 2017, the markets showed a bullish outlook, both for stocks and BTC. Even at the end of that year, the world’s leading cryptocurrency reached $ 20,000, an all-time high. If he retains the presidency for another period, it is estimated that the markets will behave in the same way.
What do analysts and experts expect if Biden is the one to win? Changes in corporate tax law are one of the great business concerns that would have a full impact on economic behavior. The recoveries after the Covid-19 would be without effect. The reorganization achieved in these months would once again be considered as full uncertainty.
By: Jenson Nuñez.
