Bitcoin reaches yearly highs, letting sights on ATH: Hodler’s Digest 11/8

It’s been another extraordinary week in the crypto markets. Over the course of Thursday, BTC surged by more than 10%. As well as breaching $15,000 for the first time since January 2018, the world’s biggest cryptocurrency romped to highs of $15,950.

To understand how significant this is, data from Messari shows that BTC has only been above this price point for 0.4% of its existence. A rare event indeed.

“People will never again say Bitcoin is dead,” Grayscale CEO Barry Silbert approvingly noted.

Cointelegraph analyst Michaël van de Poppe said Bitcoin was nearing the final hurdle before a new all-time high can be reached, with one last resistance zone between $15,800 and $16,800 standing in its way.

However, he cautioned: “The probability of a breakthrough in one go is not high, given that the price of Bitcoin has already surged by more than 50% in recent weeks.”

Not all analysts agree. Some believe BTC’s dazzling rally may not stop at $16,000, with the number of Bitcoin held on exchanges continuing to drop.

Three ways Bitcoin’s price and stocks may react to a Biden presidency

Bitcoin has cultivated a reputation of being a “safe haven asset,” meaning that investors tend to flock to it during times of uncertainty.

We saw uncertainty by the bucketload this week. BTC appreciated steadily when the U.S. election result wasn’t clear on Wednesday and as ballots continued to be counted. Donald Trump also claimed, without evidence, that many votes were fraudulent.

But look what happened on Saturday when major news outlets officially projected that Joe Biden would be the next president of the United States. Bitcoin fell by 5.67% in the hours that followed. And then it bounced back again in less than 24 hours.

So does this mean the crypto markets fear a Biden presidency? Love the idea? Don’t know what to think? Or are we just seeing heat leave the market now that the results are clearer? And what’s next for BTC?

Well, Biden’s election brightens the prospect of a stimulus package by the end of the year — and this could positively affect Bitcoin, boosting investor appetite for high-risk assets. Analysts also anticipate the U.S. stock market to recover now that the results have been confirmed.

There’s still something we don’t know: the president-elect’s views on Bitcoin. “For now, it really isn’t a big enough issue to warrant his attention,” Compound Finance’s Jake Chervinsky said.

Bitcoin at $15,000 is now bigger than PayPal, Coca-Cola, Netflix and Disney

Early September seems like a lifetime ago now, doesn’t it? Back then, Bitcoin was hovering at about…