The $14,000 level represented a key level of resistance for the world's most popular cryptocurrency, according to technical analysts.
- Bitcoin gained as much as 3.9% in Wednesday's volatile trading, with investors migrating to risky assets.
- The high pushed prices to $14,257.53, before a slight retraction in the afternoon.
- The $14,000 level represented a key level of resistance for the world's most popular cryptocurrency, according to technical analysts.
- Ethereum, the second-largest cryptocurrency by market value, rose as much as 6.8%.
Bitcoin jumped as much as 3.9% on Wednesday as volatility fueled by us elections raised popular cryptocurrencies.
The high raised the most popular digital token to $14,257.53, before slightly matching the afternoon earnings. It is the highest level of bitcoin since January 2018, when bitcoin fell from its record of nearly $20,000.
Risk assets increased in Wednesday's trading, as expectations of a blue wave quickly gave way to the likelihood of a divided government. While the lack of a Democratic sweep set Congress to a prolonged stimulus standoff, it also calms Wall Street's fears of a corporate tax increase. Technology stocks soared, while financial and industrial names fell behind the market.
Ethereum, the second-largest cryptocurrency by market capitalization, jumped up 6.8% in the session, while Ripple's XRP rose further, but remained floating near the same prices 24 hours earlier.
Bitcoin's latest recovery began in late October, after PayPal announced it would soon allow users to buy, sell and maintain the cryptocurrency. Bitcoin has since increased more than 20%.
The $14,000 limit represents a key resistance level for the popular token, and cross it adds a new achievement to its massive rise. With bitcoin now trading above that ceiling, its final resistance level stands at $20,000, Fairlead Strategies founder Katie Stockton said in an October 21 note.
Bitcoin was trading at $14,047.33 at 1:15 p.m. ET on Wednesday, a 95% increase on the year.