A sudden surge and a sudden decrease are what happens to the bitcoin. Bitcoin is currently the best performing asset of 2020 to date.
According to the latest index, even after the downfall this year, bitcoin has been dominated over gold by reaching 32% YTD. Both bitcoin and gold have seen a significant increase in their performance since February. This was the time when courtiers introduced smart lockdown measures because of the COVID-19 pandemic. Investors are looking a lot more optimistic saying that finally, BTC is unlocking form its shell.
By the end of mid-February, bitcoin was seen to almost gain 44% in less than two months by reaching $10,000 from $7,200. If we look into the past, bitcoin was almost drooped to $4,121 in March and the stock market claim that this decrease is a result of COVID-19 pandemic where most of the economies are facing worst. But soon after that bitcoin started to recover in a month or two and reached its double by the end of May.
Bitcoin is staying resistant in the trade line
The starvation of YTDs that cryptocurrencies are facing up to notch. Just like bitcoin, gold also reached once on its lowest at $1,496 but it bounced back now it had gained almost 16% YTD which almost a half of Bitcoin’s YTD. The current price of gold is %1,778 which is the highest price in 2020 so far.
Almost every major market product suffered a lot since March 2020, when the pandemic was started to infect the economies at a big level. Other market departments are performing well in the crypto market but their average YTS still needs to be in more pace where bitcoin and Gold are standing right now.