BTC defies election chaos
The US election becomes a photofinish decision, which is decided in the rust belt states. In the night to Wednesday the No.1 crypto currency reacts with strong fluctuations to the neck-and-neck race between US President Donald Trump and his rival Joe Biden. In the evening the Bitcoin even jumps over the important 14000 USD mark. We take a look at current events in the crypto space.
Current Bitcoin price
At the time of writing, the “digital gold” is at a rate of USD 14001, which corresponds to a daily growth rate of 1.95%. While the world is watching events in the USA with bated breath, the leading digital currency is presenting itself as a safe haven. The BTC trading volume is currently around USD 31.3 billion and the total market capitalization is rising above the 400 billion mark. Do we now see a new annual high?
These are the limits that matter now
Should the bulls confirm the jump over the USD 14000 mark in the coming hours, a new annual high would be quite realistic. At the moment, the annual record is at USD 14187, shortly followed by resistance at USD 14200. If we zoom out on the charts, the long-term trend lines at 14500 USD and 15000 USD will move into the focus of the traders. On the downside, the trend line at 14000 USD could mutate into an important support line. Further down, the next supports are at 13800 USD and 13600 USD.
Bitcoin as a safe haven
The election result is not yet known and the BTC course is already going crazy. We have already seen a similar picture in the 2016 US election. Back then, the BTC shot up, while the Asian stock markets had to experience a pitch-black day. This year again, the limited digital currency is recommended like no other asset. At the same time, a strongly performing S&P 500 (+ 3.33 %) is playing into the cards of the market leader. And the old coins are also participating in the current upward trend.
ETH climbs above 400 USD
Currently, approximately USD 262 billion of the total market capitalization (approx. USD 406 billion) is invested in BTC. This corresponds to a BTC Dominance Index of 64.4 %. On Wednesday some Altcoins can profit from the strong performance of the first mover. Thus Ethereum jumps with an upward trend of 6.33 % above the important 400 USD mark. Currently the Smart Contract-Coin is at a price of 405.43 USD. Further down the line, alternative assets such as polkadot (+ 3.87 %), cardano (+ 4.06 %) and wrapped bitcoin (+ 3.23 %) are attracting attention.