Bitcoin (BTC) is back in the groove. After reaching an abnormally high value of approximately $20,000 in December 2017, the downfall of this largest cryptocurrency by market capitalization started in year that followed. In fact, the year 2018 proved disastrous not only for Bitcoin but also for all other major altcoins. Within a period of just one year, several cryptocurrencies registered a downfall of around 90% in their valuation. However, Bitcoin remained in the eye of the storm as it was the one which once caught all the limelight at one point in time.
In January 2019, the value of Bitcoin was hovering around $3,400, but within a couple of months, it has now crossed the respectable level of $12,000, thereby pegging its YTD return to 208%. Revealing these figures, the co-founder of Morgan Creek Digital, Anthony Pompliano tweeted that compared to the S&P index which has provided investors 16% YTD return, the return provided by Bitcoin has gone through the roof. This means Bitcoin has provided 13 times more return than the stock market, which should encourage the investors to invest in this cryptocurrency. This gain in Bitcoin’s value has a larger implication for the crypto industry, and all other digital coins will be benefited from this market rally. Pompliano also opined that Bitcoin adoption is on the rise and will continue to spread in the future.
Another key observation had come from the founder and chief executive officer of T35 Hosting and SmartSitesNJ, Alex Mele, who tweeted the growth pattern in Bitcoin’s value during the year 2017 when it reached $19,700. According to the timeline shared on his twitter account, Bitcoin took 9 days to reach $9,000 from $8,000 while the journey from $9000 to $10,000 was completed in just 2 days. It took only one day for the apex coin to reach $11,000 from $10,000 although to break the barrier of $12,000, Bitcoin took a total of six days. The significant gains in the range of $13,000 – $19,000 took the time in hours while the highest value upgradation, i.e., from $17,000 – $18,000 coming in 10 minutes while $18,000 – $19,000 took only 3 minutes. This pattern is an indication of how fast the value of Bitcoin can rise once bulls take control.
Crypto analyst and experts are quite happy with the market development and predicted that this rise in the value of Bitcoin, as well as other cryptocurrencies, are going to continue in the coming months also. The notion behind this faith is the strong fundamentals shown by crypto market, and until we have some knee jerk reactions coming from investors, the cryptocurrency market is expected to continue with its surge.