The leading cryptocurrency is currently being traded at $7221 as per Bitfinex, which shows more than 100% move from the starting of the year upto today's date.
BTC's price action took bullish divergence from $3500 to $13764 in the first six months after that we can see the price correction around upto 0.618 Fibonacci levels.
During this bullish move Facebook’s launch of cryptocurrency Libra in June further boosted buying of Bitcoin.
The excitement, however ended in the third quarter with fear gripped the market that Libra might expedite the process of regulation for the entire crypto market.
The sell off was very prominent by miners selling their bitcoin rewards in the final quarter.
On 18 Dec 2019 we have seen that recently the Bitcoin has lost more than 52% of its value falling from $13764 to $6477 and it is also reported by Press Time earlier previous week.
Despite this downward correction move the overall Bitcoin performance is very positive as mentioned above it is performing better than gold and S&P 500 in a very positive way.
Even though the gold is a classic asset and it is being traded at $1518 / OZ and it is up more than 19% on a year to date on the other hand the s&P 500 index has gained more than 28% since starting of 2019 and at the time of writing it is at the same position and that is the biggest gain in the year since 1997.
Gold 2019 performance:
s&p 500 2019 performance:
While on the other hand the Bitcoin's more than 100% gain in a year of 2019 looks shocking when we compare with the traditional markets.
But if you compare this gain of BTC with its historical yearly gains then it looks less impressive
So the Bitcoin has not even proved it self the king of all cryptocurrencies but also the master of all assets.
Regards,
Atif Akbar (moon333)
BTC's price action took bullish divergence from $3500 to $13764 in the first six months after that we can see the price correction around upto 0.618 Fibonacci levels.
During this bullish move Facebook’s launch of cryptocurrency Libra in June further boosted buying of Bitcoin.
The excitement, however ended in the third quarter with fear gripped the market that Libra might expedite the process of regulation for the entire crypto market.
The sell off was very prominent by miners selling their bitcoin rewards in the final quarter.
On 18 Dec 2019 we have seen that recently the Bitcoin has lost more than 52% of its value falling from $13764 to $6477 and it is also reported by Press Time earlier previous week.
Despite this downward correction move the overall Bitcoin performance is very positive as mentioned above it is performing better than gold and S&P 500 in a very positive way.
Even though the gold is a classic asset and it is being traded at $1518 / OZ and it is up more than 19% on a year to date on the other hand the s&P 500 index has gained more than 28% since starting of 2019 and at the time of writing it is at the same position and that is the biggest gain in the year since 1997.
Gold 2019 performance:
s&p 500 2019 performance:
While on the other hand the Bitcoin's more than 100% gain in a year of 2019 looks shocking when we compare with the traditional markets.
But if you compare this gain of BTC with its historical yearly gains then it looks less impressive
So the Bitcoin has not even proved it self the king of all cryptocurrencies but also the master of all assets.
Regards,
Atif Akbar (moon333)
