With a whopping 80% gain in value, bitcoin's performance in 2020 has outperformed traditional markets, including the highest valued companies like Amazon, Google, Apple, Facebook - actually, it beat the market as a whole outperforming the S&P 500 and Nasdaq 100.
Bitcoin's domination didn't stop at the stock market - gold, silver, diamonds can take their places behind BTC as well.
The only one to even come close is Google with a 70% appreciation in its shares so far this year.
But the rest are way behind - Facebook and Amazon gaining a little over above 60% ; and Apple coming in at +50% since the beginning the year.
Since taking a steep fall triggered by the start of the pandemic, the price of bitcoin has been climbing steadily throughout the year. This week breaking $ 13,000 for the first time since mid 2019.
Two major factors at play...
First, analysis is showing more BTC being stored offline and out of exchanges - a symptom of bullish behavior and conformation of a large number of 'long term investors'.
Second, major companies jumping in - this plays out both when we see large investment firms spending millions, and companies like PayPal announcing their support. Funds pouring in while the technology becomes more accessible to the public will always be a winning combo.
What's Next?
I'm expecting a small pullback after a lot of excited buying, but nothing to worry about (i'm HODLing, but you do what you want).
Then we're going to need something big to push through that $14,000 mark, but based on how things have been going I assume that 'something big' is already in the works somewhere.
The fact is, I wouldn't even be able to 'play devils advocate' and point to a sign that Bitcoin could slow down in the short or long term - there's literally nothing to support that idea.
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Author: Justin Derbek
New York News Desk
