Taking pride as one of the most powerful cryptocurrency projects, Bitcoin has survived as a high potential currency in the financial space, overcoming of the global economy’s uncertain dynamics. The outbreak of the COVID-19 pandemic took the economic and industrial sector on a roller coaster ride of volatility and severe breakdowns across countries. This was the time when Bitcoin evolved as a strong token currency that outshined the traditional financial solutions. With people resorting to fully digital mechanisms avoiding human involvement entirely, the use of cryptocurrencies has gained momentum. Easy operation, high-end security, the dependence on the decentralized blockchain network, immutability, etc., were some of the most important factors that triggered the crypto tokens’ adoption.
According to the reports, 2020 witnessed the most severe economic drop after the 2008 Great Depression. Industries had to stop production as people were forced to succumb to their homes. The negative prices of crude oil futures showed the severity of the situation. Amid all this, there was one thing that was booming slowly – cryptocurrencies. The year saw a surge in the virtual token clientele as the industry received acceptance from banks, insurance firms, and big brand value entities.
The world’s first cryptocurrency token, Bitcoin, held a whopping 665 share of the virtual currency market in 2020 as investors saw it as a hedge against the traditional currencies. The token opened the year at a price of $7,200 and managed to push the value to $24,000 by December 2020. The 224% rise in Bitcoin value in 2020 made it the ultimate survivor of the COVID-19 crisis. The currency continued to enjoy its run in the market in 2021 too. In January 2021, its value crossed $40,000, while the recent figures of March 13, 2021, have projected it for $61,500.
The virtual currency is seen as a strong substitute for gold investment, which was a safe-haven asset for people across the globe. The past ten-year records show that Bitcoin has surpassed all the asset classes by ten times. This achievement was highlighted by Charlie Bilello, the CEO, and founder of Compound Capital Advisors, by drawing inferences from the performance charts of the top-rated tokens.
The BTC Projections for 2021
Interestingly, where Bitcoin has become the diamond of the trading domain, there are projections of further expansion by the experts. Some reports have asserted that the currency has still not achieved its full potential, and there exists room for more expansion. The Co-Founder and CTO of Glassnode, Rafael Schultze-Kraft, stated that the unrealized profit or loss of BTC has remained stable despite the growing value, which is a good sign for the investors. Based on the Bitcoin price prediction from experts, it is likely to fuel the trading capacity of Bitcoin users.
The fast-growing BTC price value in 2021 has opened the doors of wild Bitcoin forecast. The author of the renowned Stock-to-Flow model, PlanB, has revealed that BTC might surge to $100K value between April through September. The data given by Skew Analytics have a similar hint. The BTC price will reach $220K by the year-end, predicted Max Keiser, a Bitcoin supporter.