Bitcoin (BTC) surged more than 2% in two hours to $ 14,000 in the short period when polls began closing in several states on November 3. At the time of writing, it is just below the main brand.
Today is election day in the US, and many cryptocurrency executives expect Bitcoin to be the winner in the controversial race. To date, officials have counted over 400,000 ballots.
Bitcoin only attended the US presidential election twice, but the price has risen significantly with each subsequent run. In November 2012, 1 BTC was priced at about $ 12, while the price in 2016 was over $ 700. With a coin price of $ 14,309 at the time of publication, this represents a 1900% return over four years, or nearly 140,000% over eight years.
This is the second time Bitcoin has broken the $ 14,000 barrier in just one week, when the influential cryptocurrency cryptocurrency skylark has indicated that a daily candle just closed above $ 14,000 for the first time since January 2018.
Higher prices could be attributed to non-political factors, including heightened institutional interest and PayPal’s decision to offer crypto services. Social media engagement has also increased this month.
Bitcoin-related tweets increased 15% in October to 835,000, according to a weekly report from analytics platform The Tie. Tie reports that BTC received a 30% positive return in October, compared to 10% return on Ether (ETH).