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Bitcoin stands out from the pack again this evening

03 Nov, 2020

Most of the leading cryptocurrencies are trading in the red this evening, but not so Bitcoin. The lead coin has made further progress today, rising to a session high just above 13,800 a short while ago. The move higher in the price was clearly buoyed by the rising US stock markets and the weaker dollar. So, it seems the loose correlation between Bitcoin and the EUR/USD is back a vogue once again today. Of course this is as inconsistent as the weather and not something to take for granted, but for the time being it seems to have fallen back into line so far today. That may explain why Bitcoin has risen from an earlier session low near 13,300, back to where it is this evening even as all the other coins struggle with losses on the session. However, with lingering uncertainty still surrounding the outcome of the US election this evening, further gains are by no means guaranteed. Bitcoin is just now trading at 13,730

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