- As Trump and Biden stand off on razor’s edge over the 2020 US Presidential Elections, Bitcoin soars to break new highs for the year, setting off a crypto rally
- Bitcoin fundamentals continue to strengthen while congestion eases off
The world may have had its eyes glued on television sets and Twitter for the latest updates on the US Presidential Elections, with candidates Donald Trump and Joe Biden set to end this campaign as the closest one in recent memory. Currently, Biden stands 6 electoral votes away from claiming victory, with Nevada providing that precise number of votes where the Democratic candidate is leading, with Associated Press currently projecting a victory for him there.
Trump has not given up of course, and his campaign team is already launching legal lawsuits to challenge the voting results and ballot count in several states, but however this ends, it will be the won by the tightest of margins, with the popular vote also intensely close as a country divided by social issues and the coronavirus battles for its political future.
Meanwhile, a Bitcoin rally that sparked over the weekend looks to continue strongly, when a stockmarket rally on Tuesday seemed to take heart in the equal division of political power in the US, prodding Bitcoin into high gear. Since then, it has only broken through the USD 14,000 resistance, setting new highs for the year and threatening on Friday to burst through new USD 16,000 levels last seen in 2017.
The rest of crypto market is taking the cue from Bitcoin, with Ethereum currently trading strongly above USD 440 to eat up orders at USD 420 onwards, and is set to also break its own 2020 high, with many altcoins now enjoying the same benefits. With Friday closing in Europe, price is now USD 15,500 for Bitcoin (CoinDesk) with even Ripple keeping hold of 25 cents.
But are we in a state of FOMO yet? The buzz is certainly there, but apparently, retail investors are not quite rushing in queue to buy Bitcoin just yet, at least, not according to Google, which says that the global search query for “bitcoin price” is only at a value of 10 out of a possible 100. A far cry from the 93 value recorded in December 2017 when Bitcoin last reached these levels. In May this year, when Bitcoin halving reduced the Bitcoin rewards to miners by 50%, the value was almost double today’s at 19, suggesting that individuals might still not yet be occupied with the rise in Bitcoin price.
There has not been this much Bitcoin FOMO since November 2017, can it continue to new heights? https://t.co/0kN5zeteLr
— Cointelegraph (@Cointelegraph) November 6, 2020
This does seem at odds with the analysis of others who say that FOMO is coming, though, with the likes of Cointelegraph saying that we haven’t seen these levels since the bull run of 2017. They point to indicators like the Fear and Greed Index which, according to data now is in the extreme greed zone of 90, last seen in June 2019 when the world’s most famous digital asset ploughed through all the stops to fall short at USD 14,000.
The hardest thing to do in a bull market is to sit. My pal Paul Jones calls it the ‘pain of the gain’.This is a $BTC bull market.Your job is to sit on your hands and lock away your phone.The instinct to ring the cash register is high. Don’t. Just HODL right now. Free advice 😉
— Mike Novogratz (@novogratz) November 5, 2020
Not everyone is saying to buy Bitcoin now of course, with crypto influencers like Mike Novogratz saying that we shouldn’t follow our emotions. He warned:
“The hardest thing to do in a bull market is to sit. My pal Paul Jones calls it the ‘pain of the gain.’ This is a $BTC bull market. Your job is to sit on your hands and lock away your phone.”
But can people really withstand the pain of the gain? Only time can tell, of course, but meanwhile, Bitcoin fundamentals appear strong, with Bitcoin network still processing at high hash rates, at the same time easing out the network congestion that last week pushed Bitcoin to the highest fees it had seen in years.
Although mining difficulty witnesses only its second-largest dip in history three days ago, this was just down from last week’s all-time difficulty high and since then, we are witnessing the SHA256 hashrate increasing a lot once more, spiking to 114 EH/s.
Following Tuesday’s difficulty drop, BTC’s hashrate has increased a great deal, spiking to 114 EH/s soon after.
Be safe, trade safe, and hold on to those sats!
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