Bitcoin (BTC) surges near $16k as US elections drag out

  • The US elections are still on-going, as the country continues with the vote-counting.
  • As the world waits to hear who will be the next US president, the crypto industry is seeing a major surge.
  • Bitcoin itself managed to hit $16k before a slight correction, while other top coins joined the rally, too.

Despite the turbulent situation in the US as the presidential election is still on-going, this has been very good several days for crypto. So much so, that Bitcoin price managed to go up by over $2,500 in only three days.

Bitcoin hits $16k for the first time in years

The recent crypto rally started on November 3rd, on Election day itself, as votes from around the country started coming in. At the time, BTC price sat below $13.400, but quite soon, it started growing.

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The growth was slow at first, but it started speeding up on November 4th and 5th, eventually surging to $14k, past $15k, and it hit $16k only hours ago.

Since then, the price saw a minor correction to $15.5k, only to bounce back up and once again start heading up.

At the time of writing, the BTC price sits at $15,734, with a growth of 10% in the last 24 hours.

Reasons behind the surge

Bitcoin has had more than one reason to surge, however. Only recently, the coin saw its first major growth in months after PayPal announced that it will add support for cryptocurrencies in months to come.

As the election approached, crypto-based speculation and bets regarding the presidential race results caused the crypto prediction market to see a massive increase in volume. However, the most recent news that also likely contributed to the current growth was the fact that the US got its first Senator who is an open crypto owner.

Bitcoin is also not the only coin that is seeing a major surge. At the time of writing, Ethereum is also 7.68% higher than yesterday, partially due to its price following BTC, and in part due to the upcoming launch of Ethereum 2.0.

Even XRP is growing by 5.74%, although it is not the largest gainer in the top 10 cryptos. That honor actually goes to Litecoin (LTC), which is currently up by 10.97%, with a price of $61.34.

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