Crypto market cap makes 4-week high, tops $220 billion

Bitcoin prices moved higher Wednesday, trading above $6,500 for the first time since mid-October. A single bitcoin BTCUSD, -0.70% was last changing hands at $6,531.01, up 1.5% since Tuesday at 5 p.m. Eastern Time on the Kraken exchange. The move higher in the world’s largest digital currency has dragged the market value for all cryptocurrencies above $220 billion for the first time in four weeks, according to data from CoinMarketCap. Tuesday’s midterms weren’t a complete nonevent for the crypto community. In Colorado, voters elected a pro-crypto and blockchain governor in Jared Polis. The Democrat has long campaigned for decentralized technology to help local business.

“As governor, I will ensure that Colorado explores the potential use of blockchain technology and works alongside the business community, policy experts, local communities, and Coloradans to build a robust economy for the future,” he wrote in a blockchain campaign paper. Altcoins, the collective group of coins other than bitcoin, are having a mixed day. Ether ETHUSD, -1.62% was trading 0.3% higher at $216.51, Bitcoin Cash BCHUSD, -3.04% was up 0.7% at $618.40, Litecoin LTCUSD, -1.63% lost 1.3% to trade at $54.13 and XRP, XRPUSD, -4.79% was down 1.4% at 53 cents.

Bitcoin futures finished higher for the second day running. The Cboe Global Markets November contract XBTX8, -0.77% closed up 1.3% at $6,500, while the CME Group November BTCX8, -0.84% ended the day up 1.5% at $6,510.