Bitcoin Price Today: Ahead of US Presidential Election, Rising Volatility Pushes BTC Higher
$BTC price has again experienced a significant increase, reaching more than 2% on October 16, 2024, which brought a breath of fresh air to the crypto market. Although the crypto market has weakened in the last 24 hours, Bitcoin has shown resilience by continuing to strengthen. Currently, Bitcoin is trading at $67,151
Bitcoinâs recent advances have been accelerated by growing political support for the Republican presidential candidate of the United States, Donald Trump, who is known to be pro-crypto. This surge in support coincides with Trumpâs increasing chances of winning the upcoming presidential election, which has provided an additional boost to bullish sentiment towards Bitcoin.
In addition to Bitcoin, three other altcoins, namely Inspect (INSP), Storj $STORJ , and Neon (NEON) also experienced significant price surges. Inspect jumped 35.93%, Storj rose 27.60%, and Neon recorded a 17.86% increase in 24 hours. In the past week, Bitcoin's price has increased by 8%, driven by institutional interest marked by a net inflow of $810 million into US Bitcoin exchange-traded funds between October 11-14. This indicates the potential for continued bullish momentum in the crypto market.
