Renewed Wednesday's December 2017 highs above $14200 amid rising stock indices.
This is already the third attempt of bitcoin to overcome the key resistance at current levels in recent days. On November 2, the cryptocurrency rolled back to the level of $13300, where there was resistance, which now serves as support.
Bitcoin's rise comes amid an ongoing vote count in the U.S. presidential election. Stock markets rose markedly on Wednesday on the back of Democratic nominee Biden's victory in some swing states, increasing the chances of new stimulus for the economy.
"As the U.S. election passed, all assets that were previously declining, including bitcoin, moved up," notes FxPro's team of analysts.
The second cryptocurrency, , jumped 5% and surpassed the $400 level after announcing the launch of the Ethereum 2.0 deposit contract. The Ethereum 2.0 deposit contract was officially unveiled Wednesday at 6 p.m. MSC, after corresponding changes to the repository on GitHub were made by update coordinator Danny Ryan.
According to Bloomberg Intelligence senior commodities strategist Mike McGlone, previous patterns point to a parabolic rise in bitcoin in 2021. He came to this conclusion after analyzing trends in 2013 and 2017, writes ttrcoin.
After the second halving in July 2016, bitcoin began to gradually rise and reached a historical high around $20000 in December 2017.
The idea that 2021 could be a repeat of 2017 gained traction among crypto investors amid a halving in May, when the reward for miners was reduced from 12.5 BTC to 6.25 BTC per block. As a result, bitcoin's annual inflation rate was lower than that of gold, the most recognized protective asset.
Skeptics, however, argue that such models most often do not take into account demand, which remains a difficult parameter to predict.
The number of large traders in the CME bitcoin futures market exceeded 100 for the first time in the run-up to the U.S. presidential election, The Block writes. As analyst Ryan Todd notes, the number of bitcoin position holders is impressive compared to other exchange products.
Bitcoin trust Grayscale has attracted the largest amount of investment in a week and will approach 500,000 BTC by the end of the year if the current rate of growth continues.
The U.S. Senate will have its first bitcoin holder. Republican politician Cynthia Lummis was elected to the Senate from Wyoming. Lummis supports bitcoin and first purchased the cryptocurrency in 2013 at a rate of about $300.