Is 2020 The Year The First Ever Cryptocurrency Recovers From The 2017 Bubble Burst?
The general public mostly learned about Bitcoin late, just as the asset broke over $10,000 in Q4 2017 and weeks later set a record at $20,000 for the highest price ever achieved. To much of the world, Bitcoin has performed negatively in their eyes.
But since the asset was first created, it has risen from $0.0008 per BTC to currently trading at just under $9,500. This astronomical rise is unmatched by any other asset and took place over the course of just a decade.Another decade of price action could see the asset reaching lofty price predictions made by experts, that reach as high as $100,000 to $1 million per BTC.
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The asset’s growth could come due to combination of a number of things. Its hard-coded digital scarcity acting as a hedge against inflation. The fact it makes a great contactless payment method could boost adoption in what appears to be the new post-pandemic norm. It could even replace the dollar as the global reserve currencyAfter nearly three full years of a downtrend, and with the asset’s halving now behind us, it may simply be time for a new uptrend and market cycle to begin.
The best performing asset in 2020 will be… — TradingView (@tradingview)
TradingView Poll Reveals Bitcoin As The Best Performing Asset in 2020, As Voted On By The Public
Whatever the reason for Bitcoin’s continued bullishness, investors are taking note. It has caused Bitcoin to take the lead in a public Twitter poll being run by technical analysis charting software company, . TradingView provides tools crypto analysts and traders rely on to predict future price movements. These critical tools are available beyond just Bitcoin and altcoins, however. Charts for traditional assets like the S&P 500 or gold are also offered. These two other assets were also listed alongside Bitcoin as the other selections in the poll. There’s a fourth and final selection for “Other,” prompting users to leave a reply with their choice below.Related Reading | Decision Time: Top Crypto Traders Expect Massive Bitcoin Move In Days Ahead
Responses are jam-packed with altcoins, and even USD. However, when looking at past performance, Bitcoin is likely to be the clear winner.The fact that Bitcoin is being recognized as the better performer next to gold during a recession, and the S&P 500 during one of the strongest rallies in the stock market history, bodes extremely well for Bitcoin.
As soon as the bullish sentiment overtakes selling pressure, a breakout will send BItcoin soaring. If a new all-time high is reached in 2020, all while the stock market collapses, the respondents in the poll are very likely to have voted correctly, and the cryptocurrency will close out the year as the best performing asset.
