Elections in the United States are still ongoing, while the country continues to count votes.
While the world waits to hear who will be the next U.S. president, the crypto industry is experiencing a major upswing.
Bitcoin itself managed to reach $16,000 before a slight correction, while other top coins also joined the rally.
Despite the turbulent situation in the U.S. as the presidential elections are still ongoing, this was very good for the crypto industry for several days. So much so that the price of Bitcoin rose by over $2,500 in just three days.
Bitcoin reaches $16,000 for the first time in years
The most recent crypto rally began on November 3, on election day itself, as votes arrived from across the country. At that time, the BTC price was below $13,400, but it soon began to rise.
At first, growth was slow, but on November 4 and 5 it accelerated and eventually rose to $14,000, over $15,000, and just a few hours ago it reached $16,000.
Since then, the price has experienced a slight correction to $15.5,000, only to rise again and move up again.
At the time of writing this article, the BTC price was $15,734, with a 10% increase in the last 24 hours.
Reasons for the increase
However, Bitcoin had more than one reason for the increase. Only recently the coin experienced its first large growth in the months after PayPal had announced to add support for crypto currencies in the coming months.
As the election approached, crypto-based speculation and betting on the results of the presidential election campaign caused a massive increase in the crypto-forecast market. However, the most recent news, which probably also contributed to the current growth, was the fact that the US got its first senator who is an open crypto owner.
Bitcoin is also not the only coin that is experiencing a major upswing. At the time of writing this article, Ethereum is also 7.68% higher than yesterday, partly due to the post-BTC price and partly due to the upcoming introduction of Ethereum 2.0.
Even XRP is growing by 5.74%, although it is not the biggest winner among the top 10 cryptos. This honor is actually due to Litecoin (LTC), which is currently growing by 10.97% at a price of $61.34.