Bitcoin beats gold as the most profitable investment of 2020

Bitcoin beats gold as the most profitable investment of 2020

By CRYPTOUS | CRYPTOUS | 3 May 2020


Bitcoin (BTC) has secured the position of the most profitable investment in 2020 after dwarfing the performance of gold and oil as well as the major stock indices.

 

Since the beginning of the year, Bitcoin has experienced one of the highest volatilities ever, with its price fluctuating between a high of $ 10,446 on February 13 and a low of $ 3,800 on March 13. According to TradingView, the cryptocurrency also experienced one of the most dramatic sell-offs in its decade-long history, plummeting from $ 7,717 to $ 3,800 in a single day.

Despite this volatility, Bitcoin has now managed to recover most of the value lost during the mid-March crash and has risen 22.4% since the beginning of the year.

Gold, on the other hand, has also had good results so far in 2020. At the beginning of the year at $ 1,529 / oz, gold rose to $ 1,700 / oz in early March before plummeting to $ 1,491 / oz in mid-March. Since then, gold has recovered to its current value of $ 1,675 / oz, an increase of 9.5% YTD.

 

Although both Bitcoin and gold experienced a dramatic sell-off in mid-March after the World Health Organization (WHO) declared a coronavirus pandemic, both are now trading close to their pre-collapse value. In comparison, the major U.S. stock indices including the Dow Jones Industrial Average (DJI) and the S&P 500 are still in the red after the crash, as the DJI was still down 15.7%, while the S&P 500 since the beginning of the year fell by 10.6%. Nevertheless, the S&P rose 12.7% in April alone and appears to show strong signs of a recovery.

With the world entering a phase of economic slowdown as a result of motion controls introduced in most countries to combat the corona virus, several industries have been hard hit. Few of these are affected as hard as the crude oil industry, which suffered harrowing losses in the first four months of 2020.

As late as April, futures contracts for West Texas Intermediate Crude (WTI) were trading below zero due to a combination of extreme demand shortage and oversupply, so traders were forced to pay buyers to buy their oil. Although the situation has recovered somewhat since then, the futures contracts for WTI oil are currently trading for only $ 18.59 - compared to the $ 60 contract from June 2019.

Large oil companies such as Exxon Mobil and Chevron Corporation also slumped this year, dropping to their lowest level in over ten years.

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CRYPTOUS
CRYPTOUS

blockchain is now very strong and give chance to everyone to make money so i hope to have this chance with publish0x and share all idea and content


CRYPTOUS
CRYPTOUS

News about crypto, blockchain and exchanges also about new airdrop and ICO

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