Bitcoin briefly spiked above $14,000 again, this time perhaps on news from the US Presidential elections. The altcoins have erased most of yesterday’s losses, and the market capitalization has added about $10 billion.

Bitcoin Reacts On US Election News?

Bitcoin broke above the coveted $14,000 mark on Saturday for the first time since January 2018. Since then, though, the asset has primarily struggled with maintaining its high price tag.

In fact, BTC even dipped below $13,300 on two occasions in the following days. It started recovering yesterday when it jumped above $13,500 and stayed above it for most of the past 24 hours.

Just a few hours ago, the primary cryptocurrency headed higher once more. With a few decisive candles, Bitcoin surged to $14,050 (on Bitstamp) before retracing to its current level – $13,800.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Interestingly, the price increase coincided with surfacing reports that the current US President Donald Trump has become the betting favorite to win the 2020 Presidential elections.

History has shown that the election could impact the traditional financial markets. Being seriously more volatile, the cryptocurrency market could react even sharper and faster.

Nevertheless, popular TV host Max Keiser recently highlighted that despite who’s the US President following the elections, Bitcoin will emerge as the ultimate winner.

Altcoins: On The Road For Recovery

Most alternative coins have enjoyed better days. While Bitcoin was surging towards new highs in the past several weeks, they remained relatively passive. Consequently, Bitcoin increased its dominance over the market with about 6% in a few weeks.

Most altcoins painted red yesterday as well but have recovered some of its recent losses. Ethereum and Ripple have increased by over 2% and have neared $385 and $0.24, respectively. Polkadot (2%) has spiked above $4. Cardano is the most impressive gainer from the top 10 with a 4.4% jump.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

More notable price pumps are evident from lower-cap altcoins. HedgeTrade leads the way with a 30% surge to $0.73. The Midas Touch Gold (19.5%), ABBC Coin (19%), Ampleforth (13.5%), and Energy Web Token (11%) are the other representatives of the double-digit price increase club.

Overall, the cryptocurrency market capitalization has added about $10 billion since yesterday.