Only three weeks after a sudden April Fool’s surge in Bitcoin price, followed by a mild correction, Bitcoin prices reached a new high for the year, trading above USD 5,600 during Asian trading time, before settling down now to around USD 5,500. The year to date profitability for Bitcoin has now reached 40%, outstripping the performance of any other traditional asset, including gold, oil and even Nasdaq.
While oil has enjoyed changing fortunes this year, black gold only has risen 37% since the start of the year, while three major indices (Nasdaq, S&P 500, Dow Jones) have all rallied since Christmas Crash, but only recording year to dates of 20.5%, 15.9% and 13.9% respectively. Gold is the biggest loser, literally, posting a 0.4% loss since 1 January 2019.
The 35% rally in April ensures that the world’s most speculated cryptocurrency is on track to enjoy its best monthly gain since the tumultuous bull run of December 2017. Other parts of the Bitcoin market also showed resounding gains, with the futures market at CME Group Inc recording its highest ever contract trading volumes for Bitcoin.
The tide certainly seems to be turning, with even adamant Bitcoin bears now putting forward positive sentiments, and accumulation patterns showing up for Bitcoin, amid increased demand for the currency in deteriorating economies like Venezuela and Iran, where hyperinflation and economic sanctions are taking their toll on national fiat.
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