In terms of increased valuation and competitive growth, Bitcoin [BTC] has been one of the stand-out performers of this year. The digital asset witnessed major price surges which resulted in a massive hike, breaching the $8,000 range for the first time since August 2018. The digital asset also managed to reform the opinion of former critics of Bitcoin, such as Marc Faber and Mark Mobius, who had earlier criticized the functionality and value of Bitcoin from an economic standpoint.
The improved development can also be verified in terms of numbers and market comparison as Anthony Pompliano, CEO of Morgan Creek Digital recently shared a tweet which demonstrated the early half performance of Bitcoin.
Pompliano laid out a comparison between the stock market and Bitcoin, where it was observed that the stock market market cap was up by 12 percent in 2019, whereas Bitcoin exhibited a staggering 111 percent growth since January 1, 2019.
It was observed that the surge was particularly dominant between April and May, when the prices of Bitcoin improved by almost $2,000.
Mati Greenspan, an eToro Analyst, remarked,
“At this point, a $200 move in the price of Bitcoin could easily lead to a move of $2000.”
The general market sentiment towards crypto-assets also seemed to have collectively improved, as other virtual currencies such as Bitcoin Cash and Litecoin also exhibited major uptrends and their valuations doubled in a span of few months.
Hedge Fund Veteran Mark Yusko also reciprocated the positive opinion toward the largest virtual asset and said that Bitcoin was a “great diversifying asset” and that it should be present in every trader’s portfolio.
The risk and volatility definitely remain in the space of cryptocurrencies, but at the moment, the optimism around crypto-assets is evident and the capital flowing into the market is one of the potential factors.
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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.