On the day of the 2020 United States presidential election, Bitcoin's rate (BTC) briefly rose above $14,000. Bitcoin's price rose more than 2% in two hours as poll workers in US states began to count ballots.
On November 4, the rate jumped to a peak value of $14,060.67. It was the second time in the last five days when Bitcoin conquered the $14,000 mark.
Before that, Bitcoin hasn't climbed above $14,000 since mid-January 2018.
Now the cryptocurrency has remained stable, trading in the $13,700-$13,900 corridor. At the time of this writing, the Bitcoin rate is $13,829,71.
It’s no surprise that the new Bitcoin leap coincided with the US presidential elections. In previous elections, the situation was the same: in November 2016, the Bitcoin rate rushed up, and the cryptocurrency rose from $700 to $20,000 by mid-December 2017, after which there was a sharp collapse.
Of course, there’s no guarantee that the same will happen this time, but many crypto leaders are predicting Bitcoin could be the big winner this year. As ballots continue to be counted across the US, many experts predict volatility among cryptocurrencies and the stock market.
Also, Bitcoin's current growth is connected with PayPal's recent decision. The international payment system launched a new service and allowed users in the United States to sell, hold, and buy cryptocurrency.
Other major cryptocurrencies have also risen in price, as it usually happens when Bitcoin rises.
Now the total capitalization of all existing cryptocurrencies exceeds $422 billion. Of this amount, more than half ($256,14 billion) falls on Bitcoin.