Bitcoin (BTC) has registered a handsome amount of gains amid the United States Presidential Elections of 2020. The world’s most famous cryptocurrency has posted a new yearly as well as a two-year high, as the price of Bitcoin has surged above $14,500 a few hours ago. It is the first time since January 2018 that the coin has broken this resistance.
Yesterday on the 4th of November, the first-ranked cryptocurrency reclaimed the key resistance level of $14,000. However, it moved down shortly after the price surge. Later on Wednesday, the leading coin once again rose up and reached $14,100 with a price surge of more than five percent in 24 hours. Since then, Bitcoin has carried on its upward movement and has succeeded in breaking above the next crucial barrier of $14,500. This became possible because of a bullish rally in which the coin posted 6 percent gains.
After breaking above $14.5k, the next target for the top-ranked digital currency is $15,000. If this upward movement continues over the coming weeks, the coin might be able to reach this milestone sooner than expected. At the press time, the price value of BTC is standing at $14,506 with a positive change rate of more than 6 percent in the last 24 hours.
In the past four weeks, the largest cryptocurrency of the world by market cap was able to pull off a rally of 38 percent. With this bullish rally, the Year-to-Date (YTD) gains of Bitcoin have also surged above 100 percent. The month of October has proven the best out of others for the top digital currency so far. However, Bitcoin has started off well in the month of November as well by registering a new 33-month high of $14,558 on November 5. Moreover, more than one hundred days have now passed since the leading digital asset is standing above the psychological level of $10,000.
Meanwhile, the dominance of Bitcoin in the cryptocurrency market has also spiked to new highs. Currently, Bitcoin’s market dominance is standing above 65 percent, as per the data from CoinMarketCap.