The bull run for Bitcoin has been incredible, and the figures point at a resurgence of the 2017 glory of Bitcoin. The cryptocurrency has broken through the $6,300 barrier and is marching ahead to reach greater heights.
After it’s tragic downfall in 2018, the crypto has made a fantastic turnaround this year. In fact, the big news of today is that bitcoin is currently way ahead than other assets in terms of this year’s returns. Currently, Bitcoin is up by 67% on Coinbase, at No. 2 is oil (USOIL), up by 38.35%.
Among the other assets in the green, there is Nasdaq 100 (through the QQQ ETF), small caps (through the IWM ETF), and S&P 500 (through the SPY ETF). These investment vehicles are up by 22.25%, 18.17%, and 16.54% percent, respectively.
What is more shocking is that gold (GLD), which is considered as a more or less stable store of value, is down by 0.12%. This goes to show that the idea of stability in value is false, and crypto shouldn’t be maligned as often as it is, for being volatile in nature. Any asset that is open to the market can witness ups and downs througout its graph.
The bearish sentiment was strong in 2018, but cryptocurrency has gradually picked up pace and pulled its own weight. Bitcoin, especially so, considering it is the only crypto that’s up by so much.
It now looks as if Bitcoin can reach as high as $7,800, in the near term. The chart below displays the trajectory of the crypto.
What is shocking is that Bitcoin is still rising even after three negative developments. It looks as if though the cryptocurrency is having a major miracle rally, and that it will reach as high as it possibly can.