Contrary to everyone’s expectation, the shocking US Presidential elections outcome caused a 4% rise in the value of bitcoin digital currency this week. After opening at roughly $709, this digital currency almost hit $740, putting it within the reach of the highest bitcoin price which has so far been recorded in 2016.
However, although this increase was significant, it was not consistent with the earlier predictions. Jacob Eliosoff who is a crypto-currency fund manager, for instance, pointed out that he anticipated bitcoin prices to increase by more than $31($740-$709) as a result of the uncertainty created by the election. Many experts had expected an effect similar to Brexit. They thought bitcoin would rise by as much as $100 on a Trump victory.
In the case of Brexit, bitcoin prices skyrocketed tremendously, increasing beyond $650 just a day after voting when it became apparent that the referendum was going to be successful. This was after falling to $550 on the previous day due to contrary outcome predictions.
All in all, the weekly trading came to an end with bitcoin winding up on a significant high i.e at $713.67. This was 3.8% higher than its opening price, but since the markets are not so predictable as always, traders may have diverted the proceeds to other more predictable options.
Some Digital Crypto-currencies Surge while Others Plunge
Monero is a private and completely untraceable cryptocurrency that rivals Bitcoin fiercely. This privacy-oriented digital medium of exchange, for example, increased from $4.99 to $6.13 over the election period- a more than 20% increase over a span of just 3 days.
This has caused some experts to believe that Monero is gaining more popularity among digital currency traders, and that there is an emerging dynamic between the two rival digital currencies.
While Monero enjoyed this exponential increase, Zcash which is another digital currency dropped close to 75%, winding up the week at $225.74 after opening at $900.
Ethereum Experience Some Slight Volatility
In other news, ether and ether classic experienced some slight volatility following the election outcome. Ether dropped slightly from $10.83 to $10.52, closing the trading week with a less than 3 percent loss. Ether classic on the other hand gained roughly by 6%, increasing from 0.082 BTC to 0.087 BTC. Experts appeared unable to explain the reasons for these variations.
All in all,the Trump outcome has affected digital currency trading as well as other businesses in varying ways.Some did make losses whereas others did make gains. No one is quite certain about how next week will look like but all investors can hope for is gains and not losses. Top
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