Crypto markets have found stability after an important mid-term election cycle in the US have elected several pro-blockchain and pro-crypto politicians into public offices.
As of press time, Bitcoin trades at around $6,520, up only more than 1% over a 24-hour trading period. It is still trading within its usual trading range of between $6,200 and $6,700.
In early September, Bitcoin fell into that range, following its gradual move to $7,400 and its steep decline to $6,200. BTC has since bounced between the top and bottom of that range, except in mid-October when its price temporarily jumped over $6,800 and then falling back into its range.
Over the last few weeks, Bitcoin’s price action has proved that it is a powerful trading range, with its price rebounding immediately after dropping into the $6,200 region in late-October.
Such low volatility is new for most crypto investors who are used to massive swings, but it has shown its advantages for several altcoins which have posted huge gains during the past week.
XRP has had a tremendous week, presently trading up 20% from its weekly lows of $0.446. The altcoin posted most of its gains in the past few days, spiking from $0.464 on November 5 to highs of $0.557 the next day. Since then, it has stabilized at its present price of $0.53.
Another altcoin that has had a successful week is Bitcoin Cash (BCH), trading up almost 50% at $620 from its $420 weekly lows. Its price surge, which started on November 2, is caused by an upcoming hard fork event scheduled on November 15.
The results of yesterday’s mid-term elections is another factor that could contribute to crypto markets’ stability.
Politician Jared Polis (Democrat) was elected to serve as the Governor of Colorado. He has previously expressed his interest in digital currencies and has even said that he would support Bitcoin in his tenure as a US Representative in Congress.
Pro-crypto politician Gavin Newsom (Democrat) was also elected to serve as the Governor of California. The politician was among the first to accept Bitcoin campaign contributions in 2014 and has stated that he supports the technology’s progression.
How these politicians can impact the adoption of crypto both as a means of payment and technology is still unclear.