Bitcoin starts the most successful year since 2012
According to Skew Research, Bitcoin has currently had the best start in a year since 2012. The world's largest cryptocurrency is in the first quarter with a growth of 18 2020 started, which compared to the 10 percent of 2019 represents an eventful year.
Will the year 2020 be the best year for Bitcoin so far?
While we are only two weeks a year 2020, the new year is already looking very promising for the crypto industry. Since most cryptocurrencies end in the green until 2019, many believe that the dreaded crypto winter, which lasts almost all year 2018 stopped over, could end.
Bitcoins poor performance in the year 2018 / 2019 did not leave much hope for the forecasts for 2020, so many are skeptical about what the new year will bring. However, Skew Research data has shown that pessimism about the current state of the largest cryptocurrency may not be warranted.
Bitcoin, according to Skew, currently has the best start in a year since 2012. In just two weeks, the coin gained around 18 percent, showing an inflow of optimism into the crypto industry.
This is bitcoin's best start to the year since 2012 pic.twitter .com / Mh3Yf0e 798
– skew (@skewdotcom) 14. January 2020
Several factors for Bitcoin's profits in Q1 2020
According to Vijay Ayyar, head of business development at the Luno crypto exchange in Singapore, most people think that this could be the start of a new upward trend for Bitcoin.
Ayyar told Bloomberg that while the price of Bitcoin should “generally” go up, the introduction of CME's Bitcoin options has spurred growth.
Changpeng Zhao from Binance and Mike Novogratz from Galaxy Digital have also said in the past that institutional investments will ultimately drive up Bitcoin's price.
Prominent crypto-analysts also believe that Bitcoin's current momentum could be a sign of major achievements. Mohit Sorout, a partner of Bitazu Capital, noted that the recent surge in BTC has overcome two major resistances to the downtrend that have hampered price action over the past seven months.
Bakkt’s volatile trading volume could also be “held responsible” for the increase in Bitcoin in January 2020. Su Zhu, the CEO of Three Arrows Capital, said that Bakkt's modest volume in early December 2019 was a “trickle” that inevitably turned into will transform a “flood”. The platform's cash-settled futures volume currently exceeds 100 million dollars, which have had a significant impact on the rise in Bitcoin could.
Text proof: cryptoslate