Bitcoin becomes 2020 best performing asset

Bitcoin becomes 2020 best performing asset

By PVMihalache | Mind Puzzle | 2 May 2020


Is not an exaggeration to say that we are living in extraordinary an unprecedented times, with the Covid-19 pandemic changing completely our current way of living and for sure affecting the way we will life our life in the future.

Due to the Coronavirus outbreak any the measures related with the pandemic, assets, investment and shares reacted differently. 

Shares and bonds value dropped but are slowly recovering in the past weeks while the gold price had little fluctuations or rises.

The crude oil dropped while in the wait of the third block reward halving the price of Bitcoin has made it the top performing asset of 2020, outpacing gold silver and crude oil.

Bitcoin value per unit has risen by almost a third over the last four months. In the same time period, gold has risen by around 13 %. The price of silver has fallen by 14 % while crude oil has dropped 70 % in value.

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The Bitcoin’s success comes 10 days before the third block reward halving. 

Both bitcoin and gold have seen significant gains since March, when countries around the world began to introduce lockdown measures in an effort to slow down the spread of the Covid-19 coronavirus outbreak, which created an increase of online shopping, use of alternative payments methods and the use of cash declined. 

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This resulted in a global economic slowdown and caused stock markets to crash, as investors looked to secure their holdings in safe haven assets.

While gold has traditionally performed well during times of economic crisis, market data suggests that the finite supply of bitcoin means it is increasingly being viewed as a safeer asset. Investments in alternative assets may avoid future depreciation of traditional assets.

Many other cryptocurrencies have performed good, as a direct result of external factors and the  bitcoin's price boom. 

Ethereum (ETH) gained more than 60 % in 2020.​ Despite recent gains, Bitcoin and Ethereum remain a long way off the highs of late 2017 and early 2018.

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The oil prices tumbled in March after a price war broke out between Saudi Arabia and Russia. If in January the price of a barrel of Brent Crude had touched $70 by mid-March the price war had help it to fall to close to $30 a barrel.

If the price war made the barrel price to fall to half it's value, the Covid-19 pandemic, travel restrictions, airlines grounding the fleet and less petrol pump activity made the barrel price drop to the lowest level since 2002, below $25 a barrel.

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With the Covid-19 pandemic far from being gone, which will automatically mean the restrictions far from being lifted, and the Bitcoin halving, its expected for cryptocurrencies to maintain the growing trend.

 

Wallets

Binance

Coinbase

Atomic Wallet

 

Faucet:

Horizen (ZEN)

Moonbitcoin.cash

Moonbit.co.in

Moonliteco.in

Free-Litecoin.com

MoonDoge.co.in

MoonDash.co.in

Freebitco.in

Bitfun.co

 

My popular crypto posts

Bitcoin 3rd block reward halving

Binance Pool : Bitcoin mining

Binance: Gain extra by using flexible savings and locked savings

Time to HODL Litecoin

 

Related links: 

Bitcoin becomes 2020 best performing asset

BBC - Why petrol price is nearing 1 pound per litre? 

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PVMihalache
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Self-Published Author, Football Referee, Football Coach, Early Crypto Investor, Personal Trainer, Well-Being Guru, Open-Minded, Traveller, Social Media Enthusiast, and many more...


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