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ETH · 4w

Market Wrap: Bitcoin Jumps to $14.2K; Ethereum Gas Usage Grows 113% YTD

Bitcoin is making gains during the U.S. presidential election uncertainty while Ethereum’s gas data is highlighting a DeFi decline.

Bitcoin (BTC) trading around $14,061 as of 21:00 UTC (4 p.m. ET). Gaining 2.2% over the previous 24 hours. Bitcoin’s 24-hour range: $13,545-$14,232 BTC above its 10-day and 50-day moving averages, a bullish signal for market technicians. Bitcoin trading on Bitstamp since Nov. 2.

Bitcoin’s price made gains Wednesday, hitting as high as $14,232 around 17:00 UTC (12 p.m. UTC), according to CoinDesk 20 data, after a brief dip in earlier trading. 

“Bitcoin has recovered from its post-election drop, crossing the $14,000 level once more,” said John Kramer, a trader at crypto market making firm GSR. “The asset has done a good job of going its own way all year, vastly outperforming stocks.” 

Bitcoin is up 90% versus the S&P 500’s comparatively paltry 4.5% performance in 2020.

Bitcoin versus global equities in 2020. Source: Shaui Hao/CoinDesk Research

Stocks are up Wednesday despite the lack of a confirmed winner as yet in the U.S. presidential election. “Equities are unmoved by the uncertainty, rallying in the face of two possible outcomes,” GSR’s Kramer added. 

Jason Lau, chief operating officer for San Francisco-based cryptocurrency exchange OKCoin, said he is not convinced that bitcoin’s jump Wednesday has anything to do with the election’s outcome. “While all eyes are on the election, it’s too early to attribute bitcoin’s gains to it in terms of the macro policy impact from either candidate,” Lau told CoinDesk. 

Cryptocurrency analysts are also keeping an eye on the U.S. Dollar Index, a measure of the greenback’s strength against a basket of other currencies, which is up 0.15% as of press time. “The dollar downtrend is due to resume,” said Bill Noble, Chief Technical Analyst at Token Metrics. 

U.S. Dollar Index (DXY) in 2020. Source: TradingView

Bitcoiners, as is often the case,...

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