The US election appears to have triggered a Bitcoin rally to near $16,000 as market sentiment warms to a potential Joe Biden win
Bitcoin has not been the only cryptocurrency to rally in the past 24 hours. As can be seen in the cryptocurrency heat map below, it’s a sea of green across the market today.
While BTC price has pumped about 12% to come close to breaching $16,000, the rest of the altcoin market has looked to mirror that with bullish breakouts above major resistance areas.
Bitcoin’s charge on this super Friday brings it closer to the coveted $20,000, an all-time high reached in December 2017. An analytics company says chances of BTC/USD hitting the mark this year have climbed to 14%.
Elsewhere, Ethereum has surged to highs near $450 as it approaches the launch of its ETH 2.0 upgrade. The second-largest cryptocurrency has surged more than 11% since yesterday to trade around $445 as of writing.
XRP, which has for so long underperformed the rest of the top tier crypto assets, has gained over 6% to see traders eye a break to $0.30. Litecoin is up more than 13% to trade above $62, while Polkadot, EOS, ChainLink, Cardano and Tron are among top cryptocurrencies to turn positive.
In the process, the total cryptocurrency market cap has jumped to over $443 billion- the metric’s highest level since early January 2018.
The DeFi sector too is seeing an uptick in sentiment, even if that might not be as impressive as the July-August frenzy that skyrocketed tokens like Compound (COMP), Aave (AAVE), Yearn.finance (YFI) and Synthetix (SYN). Total value locked (TVL) is up to $12
