BITCOIN OVERTAKES GOLD TO BECOME THE BEST PERFORMING ASSET OF 2020
The rapid increase in the price of bitcoin in 2020,has made the cryptocurrency the top performing asset outpacing gold, silver and crude oil.Over the past four months, the price of bitcoin has risen by almost a third despite a major crash in March that wiped more than $4,000 (£3,200) from its value.
Gold has only risen by around 13 per cent, while silver has fallen by 14 per cent and crude oil has dropped by more than 70 per cent in value at the same time that bitcoin had its major clash. less than two weeks ahead of a rare event known as a halving, whereby the number of new bitcoins created will fall by 50 per cent bitcoin rise.
During the 11-year of bitcoin history is only the third time halving occured and so market analysts believe it could push the cryptocurrency’s price to new all-time highs this year.There has been a significant gains in bitcoins and gold since around mid March, when countries around the world began to introduce lockdown measures in an effort to slow down the spread of the Covid-19 outbreak.
many feel the need to store their wealth in alternative assets to avoid the apparent depreciation that could be on the cards.”why? Because of huge growth in central bank easing and government depth.
Other cryptocurrencies have performed even better than bitcoin, with ether (ethereum) experiencing gains of more than 60 percent since the start of the year.
Despite their recent gains, bitcoin and ethereum remain a long way off the highs of late 2017 and early 2018, when one bitcoin was worth more than twice its current value.