As expected, the price of Bitcoin (BTC) saw a surge ahead of the US Presidential Election today.
BTC recorded a temporary jump of more than 2%, surpassing the $ 14,000 level in two hours as voting sessions began to close for most U.S. counties.
However, at the time of writing the asset was valued at $ 13,912.
This is the third time Bitcoin has been the focus of attention during the US election which for the first time was in November 2012. At that time, 1 BTC was worth around $ 12 while in 2016 its price jumped to more than $ 700.
The value of the crypto currency is now approaching $ 14,309, marking a 1,900% jump since the 2016 election and 140,000% since the 2012 election.
The jump above the $ 14,000 level is the second time in just a week with New Zealand's well-known crypto influencer statement, The Crypto Lark regarding the daily candle closing above $ 14,000 for the first time since January 2018.
Other surge factors, not politically motivated, include increasing institutional interest in cryptocurrencies and PayPal's decision to offer crypto services.
The crypto approach through social media also saw an increase for the beginning of October.
The proof, The Tie in a weekly report stated the number of tweets quoting ‘Bitcoin’ increased 15% for October with reaching 835,000 users. The Tie also stated that BTC showed a positive return of 30% for October compared to a 10% return on Ether (ETH) assets.
Cryptocurrency analysts expect a craving for Bitcoin, including the volatility of the crypto and stock markets throughout the US election day on November 3 (November 4 Malaysian time), as long as the counting process continues.
