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Bitcoin (BTC) was trading above the key psychological level of $ 14,000 at press time late Wednesday, gaining over 3.5% in the past 24 hours. The surge comes amid uncertainty over the winner of the US presidential election.
What happened: The cryptocurrency gained 6.6% in a 7-day period before printing.
Other altcoins were mostly traded green with Ethereum (ETH) gaining 6%, Chainlink (LINK) up 3.16%, and Litecoin (LTC) rising 3.6% at press time .
Following the trend were XRP, up 0.62%, and Bitcoin Cash (BCH), which was up 0.63% at press time.
Monero (XMR) was an outlier, down 3.34% in 24 hours.
The bullish movement in Bitcoin is similar to that seen during the weeks leading up to the 2016 election, when the cryptocurrency at the peak rose from $ 600 to $ 740 levels, a gain of more than 20%. Bitcoin has rallied more than 30% since early October to press time.
Because matter: While not much volatility was observed during the elections in 2016 or 2020, large movements in Bitcoin could occur after the election results were announced, Cointelegraph noted.
In the previous election cycle, the price of Bitcoin had jumped 3% on news that President Donald Trump had emerged victorious in the race, according to Fortune.
The jump reportedly came as investors sought safe havens outside of stocks and bonds, even the price of gold had risen by that time.
However, some are not convinced that the election and Bitcoin’s bullish movement are connected.
“While all eyes are on the election, it is too early to attribute bitcoin gains to it in terms of the impact of both candidates’ macro policy,” Jason Lau, chief operating officer of cryptocurrency exchange OkCoin, told CoinDesk. .
John Kramer, a trader at cryptocurrency market company GSR, said, “The asset has done a good job going on its way all year, far outstripping stocks.”
Bitcoin’s year-to-date returns exceeded 98%, while the S & P500s were relatively poor at 6.5%.
Price action: As of press time, Bitcoin was trading 3.5% higher at $ 14,261.01, Ethereum was trading 6% higher at $ 405.02, XRP was trading 0.62% higher at $ 0.24. Bitcoin Cash, Chainlink, and Litecoin traded 0.63%, 3.24%, and 3.6% at $ 243.97, $ 10.58 and $ 55.27 respectively.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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