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Bitcoin is currently trading at its highest price for almost three years as it hit $14,320 during this morning’s Asian trading session. The move is building the fifth green weekly candle in a row as the asset continues to march steadily higher, beating previous highs.
Bitcoin breaches $14,300
Continues to hit higher highs in 2020 pic.twitter.com/HVyEELpKsC
— Messari (@MessariCrypto) November 5, 2020
Around 3% has been added to the price of BTC over the past 24 hours and it is now less than 40% away from its all-time high of $20k. This is the third time bitcoin has topped $14k and it looks to be holding and even making its way to the next milestone of $15k.
Bitcoin Dominance at 6 Month High
Bitcoin has been eating into the market share of its siblings as its dominance tops 65% for the first time since the end of May this year according to Tradingview.com. Analysts have noted that it could be hitting resistance though.
$BTC dominance finally hitting some resistance. This should give alts a chance for a bounce. pic.twitter.com/oBIpG15dZP
— IncomeSharks (@IncomeSharks) November 5, 2020
Analysts are beginning to question whether the election has any influence on prices as there were massive pumps in the years following previous U.S. elections.
Forget the halving, is the presidential election priced in? $BTC pic.twitter.com/PVSDZvKnbb
— Zack Voell (@zackvoell) November 4, 2020
Speaking to CNBC’s Squawk Box, billionaire former hedge fund manager Mike Novogratz stated that digital assets have been strong recently with rallies defying much of the election uncertainty.
“Cryptocurrency was bid the whole night … we’re in a bull market in #bitcoin. The Fed is going to continue to print. Less fiscal, more Fed, good for crypto. We have crossed the Rubicon in its adoption.”
Analysts are now suggesting that favorable election results (in the blue corner) could spark another rally which may take the asset all the way up to previous peaks.
Elsewhere on Crypto Markets
Ethereum prices are usually lifted when big brother moves, but they’ve had an additional boost by the long-awaited deployment of the deposit contract which has heralded in a new era of staking.
ETH has cranked 5% on the day to reach a high of $405 where it remains at the time of writing. No further momentum has materialized yet so the asset may well pull back slightly. The next big leg up for Ethereum will be when Beacon Chain launches around December 1.
Most of the altcoins have had minor gains over the past 24 hours but they are generally still down on the week as big brother devours their market caps.