Bitcoin hit its highest level since the end of July and has risen by more than 60% since the beginning of the year

The Zhitong Finance App learned that Bitcoin continued to rise on Wednesday, reaching a high of $68,390, the highest level since July 29th.

As the largest cryptocurrency by market capitalization, Bitcoin has risen by more than 60% year to date. However, Bitcoin is still 7.8% lower than its all-time high of $73,798 in March of this year.

Chris King, founder and CEO of the Eaglebrook crypto investment platform, said that part of the recent rise in Bitcoin is due to the gaming market's rising estimates of Trump's chances of winning the US presidential election next month.

According to data from the crypto market prediction platform Polymarket, users currently believe Trump's chances of winning the election are 59%.

King said Trump's victory “will have an extremely positive impact on the crypto market” because the former president has repeatedly expressed support for the digital asset industry, including a promise to establish a strategic Bitcoin reserve in the US.

Meanwhile, there are growing signs that Democratic presidential candidate Harris may be more crypto-friendly than the current Biden administration. Vice President Harris promised in a speech on Monday that crypto assets will be protected as part of a campaign strategy to attract black male voters.

Bitcoin's recent gains have also been partly driven by seasonal and cyclical factors. David Kinitsky, chief operating officer of Dominant Strategies, pointed out that since 2014, October has been Bitcoin's best performing month. Bitcoin's average return in October was 19.4%, according to Dow Jones market data.