93% of Bitcoin Addresses in Profit as the Price Skyrockets to $20,000 Canadian

At the time of this writing, the price of Bitcoin’s flirting with a 10% gain in price, taking it above the $15,000 mark USD and currently sitting at about $19,700 Canadian after it briefly crossed the $20,000 mark this morning. The move means that 93% of all Bitcoin addresses are now holding the world’s most valuable cryptocurrency at a profit.

With the price of Bitcoin up nearly 15% over the last seven days, it seems investing markets are responding positively to the fact that the U.S. presidential election is inching closer and closer to counting every ballot with former vice president Joe Biden currently leading the way in both electoral votes and the popular vote overall.

Another Reason This Bullish Bitcoin Price Move Is Big News

Any time the price of Bitcoin goes up significantly, investors in cryptocurrency get ecstatic. After all, a rising tide raises all boats. But there is another reason to get excited about Bitcoin going bullish at the moment. Bitcoin’s price chart now shows that it has been above $10,000 USD ($13,000 Canadian) for 100 straight days. That breaks the record previously set in January of 2018 right after Bitcoin reached its all-time high of nearly $30,000 Canadian per coin.

There is also a not-so-subtle difference this time. Not only is Bitcoin breaking records, it’s happening during a year where the sheer volume of institutional money entering the space is reaching unprecedented levels. Several publicly traded companies have now invested more than $1 billion in Bitcoin in 2020 alone. This trend will undoubtedly continue throughout 2021 and for years to come thereafter.

Don’t Forget to Keep Track of the Presidential Elephant in the Room

With the presidential election still very close and many legal challenges likely to come out of the woodwork in the next several months, investors may just be gearing up for a big Bull Run in January. There are two reasons for this. Firstly, no matter which candidate wins the presidential election, both Donald Trump and Joe Biden will need to approve a stimulus package once the dust settles. That means investors will likely pile more money into cryptocurrencies just like they did this past spring. Secondly, it’s becoming more and more clear that regardless of who is the president in January, investors will be glad that the dust has settled and likely invest with greater confidence.

If it just so happens that a vaccine is approved for mass distribution around that time, both the traditional and crypto markets will continue to rise. The short-term future is bright for Bitcoin no matter how you look at it.

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