What is Bitcoin coming into the new decade with? – Coinmatics
The year 2019 has become a year of 100% growth for Bitcoin and a year of the volatility reduction.
During the year, Bitcoin had been experiencing 9-per-cent-swings against a 30-days moving average. It is lower than in 2018 and 2017, in which the biggest bull trend to date took place.
However, Bitcoin had had the leading growth rate, overtaking with its 93% the gold’s 18% and S&P 500’s 29%.
The dynamics of 2019 has also shown that Bitcoin doesn’t correlate with other assets such as, for example, gold, which makes it suitable for risk diversification.
The current cumulative potential of Bitcoin allows us to make cautious optimistic forecasts even regardless of the main upcoming event of 2020 (which will, according to the majority of analysts, positively affect the main cryptocurrency) — a halving of Bitcoin.
At least, the particularly bearish outlook for 2020 against the background of the upcoming halving doesn’t seem appropriate.
It wouldn’t hurt to recall that the record-breaking level of Bitcoin hash rate was seen at the end of the year.
Among the positive forecasts, there is even an institutional adoption of Bitcoin, which could make it a full-fledged world cryptocurrency. Though, to achieve such global changes, a decent inertia resistance of the traditional financial institutions shall be overcome. But even then, the integration of Bitcoin into the world economy could take years, if not the whole decade.
The main trend is still the change in Bitcoin’s paradigm. Instead of the development of an alternative financial system aiming to replace the current one, we observe the movement towards the symbiosis.
The beginning of the year was marked by a surge to the $8300 level, which is due to the escalation of the conflict between Iran and the US, as per the opinion of the community. The growth might have something to do with the increasing demand on a store of value in Iran and the Middle East region.
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