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Bitcoin ended 2020 with a bang
In the times when cryptocurrency was introduced, people found bitcoin and cryptocurrency synonymous. It was so famous that some people did not even recognize the existence of other cryptocurrencies. Though Bitcoin has experienced a lot of ups and downs throughout the years, and it is perceived as an inflation-hedge asset that gives the most attractive returns of all assets. It outperformed gold and the US dollar, as its price has quadrupled at the end of 2020.
Bitcoin experiences decline this Monday...
Despite its humungous growth in recent days, the value of Bitcoin dropped by 17% on Monday. This has been the biggest decline on a single day since March. Due to this plunge, the value dropped below $30,000 intraday after reaching the all-time high of @34,729.47 on Sunday.
Though the market seems performing well, the crypto assets exhibit a high degree of volatility on the heels of a 171% surge in the Q4 of 2020. Bitcoin is the top-performing asset of the year due to its astronomical gain in 2020. The asset returned as much as 305% which is almost a dream return for any kind of crypto player either big or small.
Not only Bitcoin but also the ethereum has shown a positive sign in recent days. During the covid lockdown, the situations of both bitcoin and ethereum were pathetic. But now, they have given a great comeback. Ethereum being the second-largest cryptocurrency after Bitcoin by market capitalization, rose 22% to settle at @1,161,36, this Monday, due to the drop in the value of Bitcoin. This is the highest level reached by Ethereum since 2018. The performance of ethereum in 2020 is more robust than bitcoin which is almost 600%.
Though Bitcoin struggled this Monday, the experts and analysts predict a weak dollar, and turbulence across traditional finance markets, and huge shifts in commerce which will boost further gains. A number of entrepreneurs and prominent investors throw their weight behind it. Even Twitter CEO is somewhat crypto skeptic. This makes the value of Bitcoin go high. Also, the catalyst in this tremendous growth of Bitcoin is PayPal. PayPal allowed its users to buy and sell Bitcoin across its platform