Back in early 2019, Bitcoin went on a remarkable rally, and many believed that the cryptocurrency could eventually reach the dizzying highs it had hit in 2017. However, after the first half of the year, the rally fizzled out.
The world’s biggest cryptocurrency has again gone on a remarkable rally over the past few days, and while BTC investors must be happy, some must be wondering whether this is another flash in the pan. Many traders may be wondering whether this is the start of another rally due to definite factors or whether it is just another case of market volatility.
Bitcoin Crosses $10K Mark
2020 has been an impressive year for BTC so far, and it has gained as much as 50% to storm past the psychologically important $10,000 mark recently. This past Tuesday, it hit its highest level in five months, and it is hardly a surprise that there is a lot of optimism among investors. The cryptocurrency has had many fast ascents and equally crushing plunges over the course of the last 11 years.
However, this time around, it could really be different, and some experts believe that there are new factors at play that triggered the recent rally. The widespread belief that BTC could soon be accepted by mainstream entities and the situation with the global economy has been cited as some factors.
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For instance, many experts have stated over the past few days that BTC is fast emerging as one of the more reliable safe-haven investments for many investors. As the global economy grows even more uncertain due to a range of factors, it could result in Bitcoin becoming the store of value for investors all over the world. That being said, investors need to keep their eyes open and stay abreast of the latest developments in the crypto world.
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Joseph Spezzano received a Masters Degree in computer science from The University of Massachusetts. Joseph has been working as a full-time blockchain programmer for the past 5 years. In his spare time, Joseph enjoys writing for CryptocurrencyInvestments.com and traveling.