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What Caused Bitcoin’s Price To Rise?

I guess we haven’t heard the last of Bitcoin (BTC).

 

Over the course of the past 2 days the price of Bitcoin has gotten a rise of close to 8% and passed the $15,500 USD mark. This brings Bitcoin closer to the position it was in back in 2018 when cryptocurrency was gaining serious traction.

 

On top of this 8% boost from the election, Bitcoin also experienced a growth of 30% in under a month with no clear cause as to why, leaving it up to speculation. Aside from the rollercoaster that was the 2020 U.S. election, cryptocurrency experts located a parallel between Bitcoin and Tether (USDT) and with the increase in Bitcoin came a record breaking $17 billion USD market cap for Tether.

 

Tether is the most popular currency used in China to buy Bitcoin. This may also mean that the country may be experiencing a monetary loss. Though it is also possible that the rise may be due to cryptocurrencies becoming more accepted with PayPal announcing that they will be accommodating Bitcoin.

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