The year seems to be ending on a good note as the elephant of Covid is about to pass. His body has gone out, only his tail remains. Amid all this, one good thing we have seen all these months is how Cryptocurrency has performed. When traditional places like the stock market have remained in bad shape, we have good hopes in the digital currency domain as they have been soaring. Despite the volatility issue, these coins have driven many people crazy.
Thanks to their growing stores of value in them. These include even keeping the gold on hold as people have finally got their alternatives in the form of digital coins like XRP, BTC, and ETH, to name a few. Of all these coins, Bitcoin has come a long way in establishing its dominance in the virtual currency market. Since the lousy show in 2017, the coin has only soared in the digital currency market, emerging on the top. You can explore the sites and apps like this .
The Digital Currencies 2020 Rally
Bitcoin was among the only digital coins that most people seemed to be enjoying a good trade-in 2020, reaching under the 10K USD mark before one could find catching up the fire in October last year. Bitcoin seemed closing for 19.3K USD, which means going up to an incredible pace of around 90 percent in a period of not less than a few weeks. This same year, the BTC was seen settling down with a 158 percent mark, wherein it came in 2019.
All these are meant to give you modest figures rather than competing ones, but it seemed to have even shaped up the other digital coins, including ETH, XRP, and Stellar, with 346, 216, and 297 percentages, respectively. However, Bitcoin seemed to have emerged in a big way with several other terminologies and colossal trading volume coming up with a good market cap that further settled down at the 300 Billion USD mark. ETH and XRP, the next player in 60 B USD.
When we see many of the compulsory kinds of comparisons have come up with the US stocks that further measure in the trillions of USD. We need to understand the entire reality of digital currency in the proper context that seems pretty relative at the moment as digital currencies are not trying to become like a stock.
However, we could see their statuses coming close as an alternative store of value that seemed increasingly effective as far as the attention of any professional or individual and professionals’ investors are concerned. Also, when it comes to matters, Bitcoin has remained a handy option that has further beaten up the S and P 500 companies and the assets like gold in terms of performance in the same year of 2020.
Leaning over the turbulence
The Pandemic has given some hard times; however, at the same time, we have some winners as well, apart from a long list of losers. If you look at the national level, this seems to have come with an ugly picture. Most nations are now opening up with some ideas to keep themselves fit in this tough economy. We see their efforts to bring in vaccines to curb the menace found in Covid times.
However, it has further escalated the interest rates along with the real-time returns. To make things worse, the financial crunch seen in the market in most governments seems to have a tough time giving good impact over the national finances and thus allowing their future value to emerge in their currencies over the shaky ground.
Bitcoin Seemed different in 2020 than in 2009 and 2017
Although the Pandemic had several losers, we saw digital coins emerging as a winner as well. We could see some suitable investments coming into the picture, and there seemed to be great guns in the market. Looking at how Bitcoin and other digital coins have gotten recognition, things are interesting for everyone.
Now, you can see Bitcoin, along with others having a good time there for the investors. Despite the gullible transactions coming via the same, one can find Bitcoin to be exciting and smooth. Today it has come in a big way as far as stability is concerned. The story will go a long way, and this is just the start for digital currencies.