Bitcoin Hits $14,000 On U.S. Presidential Election Day

Jafrin  |  Nov 4, 2020

Bitcoin hit the $14,000 mark again as poll workers in the U.S. are counting ballots for presidential election results from certain states. At the time of publication, more than 400,000 ballots have been counted as the nation waits in anticipation of its 2020 U.S. president.

The Beginning of Bitcoin Rally during the Presidential Election

As polls are currently wrapping up in certain U.S. states, Bitcoin had briefly crossed the $14,000 mark. At the time of publication, the cryptocurrency is under just the border mark.

On October 31, Bitcoin crossed the $14,000 to its new yearly highs of 2020.  This was the same day Bitcoin’s whitepaper was first published 12 years ago. However, the cryptocurrency could not hold the surging price for too long.

Fast forward to 2020, the Bitcoin has touched again the $14,000 mark as the country awaits its election results.

Meanwhile, crypto influencer Lark Davis pointed out that the world’s largest by market capitalization's daily candle closed above $14,000, since 2018. Besides, the king coin skyrocketed towards a 50% gain within this year alone. But, the COVID-19 impacted dip to $4,000 during March 2020.

BTC Spiked 1,900 % in Four Years

Bitcoin has encountered only two U.S. presidential elections since it functioned. Its valuation, however, has risen remarkably with each successive candidate.

For instance, during the 2012 U.S. elections, Bitcoins was priced roughly at $12, 4 years later, its value reached $700 during the 2016 U.S. elections.

Meanwhile, the 2020 presidential elections see Bitcoin valued at $14,309. The current Bitcoin price represents an increase of 1,900 % in four years and 140,000% in eight years.

Besides the usual political factors, other elements too impacted Bitcoin’s price increase. The recent investments of Bitcoins by institutional and corporate players such as Square, Paypal, Grayscale, and Microstrategy have significantly impacted the spiking of the cryptocurrency.

Meanwhile, the analytics platform The Tie’s weekly report reveals that the volume of tweets mentioning Bitcoin rose by 15% in October to reach 835,000. This signifies mainstream awareness had a lot to contribute to the recent positive performance of Bitcoin.

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