%Bitcoin (CRYPTO: $BTC) is trading near its all-time high, reaching $73,500 U.S. before pulling back.
The largest %Cryptocurrency by market capitalization is close to its record high of $73,798 U.S. reached on March 14 of this year.
Bitcoin has risen 5% in the past 24 hours and is breaking out as the U.S. presidential election scheduled for Nov. 5 approaches.
The breakout comes after Bitcoin endured a long period of consolidation after its March peak, largely trading in a range of $55,000 U.S. to $65,000 U.S. over the summer months.
Previous attempts at a breakout for Bitcoin were met with resistance and often led to heavy selling by frustrated investors.
Analysts credit the current breakout to concerns that are growing in the market about the outcome of the U.S. presidential election between former president Donald Trump and current vice-president Kamala Harris.
Those same concerns have driven the price of gold bullion to a new all-time high of nearly $2,800 U.S. per ounce.
Other catalysts benefitting Bitcoin right now are lower interest rates, which are expected to be cut further when the U.S. Federal Reserve next meets on Nov. 7, and fiscal stimulus in China.
The price of Bitcoin is currently at $72,000 U.S., up 63% on the year.