Most of the investors of the crypto world want to believe that Bitcoin will regain its higher value. However, the performance of Bitcoin throughout the year remained below the predicted value.
Very recently, Bitcoin’s price went high as US$ 10,932 but in less than two hours, it went down to US$10,427. Currently, one single Bitcoin is being traded with a slightly high price of US$ 10,582 from US$ 10,427.
However, while it has been moving in the last quarter of the year, investors are predicting that Bitcoin will go up. They said that the increase in Bitcoin’s value is expected once the most hyped US Presidential Elections are over.
Another good reason for investors’ belief is that Bitcoin’s annual returns on investment for 2020 are twice as of Gold.
The annual returns on investment for Bitcoin from January to September this year were 50%. Apparently, Gold performance kept low as 25%. However, both were severely damaged by the ongoing Covid-19 crisis yet Bitcoin outperformed Gold in terms of investments’ returns.
If one compares Bitcoin’s performance with the Standard & Poor 500 Index, again Bitcoin managed to retain remarkable results. According to the Index, Bitcoin’s returns were 3.5% higher this year.
Daniel Cawrey and Bradley Keounwho are the analysts at CoinDesk have drawn up a commentary. In the commentary, they have suggested Bullish indicators for Bitcoin. However, to some the commentary is baseless because global conditions still don’t warrant any better signs.
CoinDesk’s commentary was later on criticized by famous billionaire Warren Buffett who invests heavily in crypto assets. He commented that presently Bitcoin has no value and those who suggest otherwise are not to be taken seriously.
Bitcoin also managed to bag another milestone. For over 67 days, Bitcoin was traded on for price range of over US$ 10,000 and almost touching US$11,000 figure.
Many crypto owners are employing holding strategies which is again taken as a Bullish indicator by Bitcoin investors.
Some have converted their disbelief into reality. The assumption that the prices of stocks and Gold in the traditional market impact Bitcoin has grown stronger.
However, crypto investors’ hope has not ended yet who want to see 2020’s end on a good note.