Bitcoin proved to be the most profitable asset in 2019. And this despite the fact that it was excluded from most of the reports summarizing the state of the market in the past 12 months and its position in the mainstream is still not very strong.
Bookie betting. Bitcoin is their future?
If we look at the BTC chart, we can see that the cryptocurrency asset grew by more than 90 per cent throughout the year. If we look at the data from the mini-bubble period we observed in the middle of the year, this result would be even more spectacular. BTC thus overcame palladium, which increased by 57 per cent, crude oil (+ 35.8 per cent) and nickel (a jump of 34.1 per cent). These are the official figures from the Reuters report.
Bitcoin king of assets
Optimists will now notice that the volatility of Bitcoin’s course – allegedly disqualifying it in the eyes of institutional investors – is now proving its strength. It is worth noting that for a large part of the year it remained below the levels observed in 2018. 150 days in 2019 brought profits or losses of less than one percent, according to Skew Trading.
Some bitcoin stats to finish the year
2019 return +95%
150 days where bitcoin moved less than +/- 1%
Maximum one day move 17.4%
Minimum one day move -14.1%
Average absolute daily move 2.4%
90% of returns between -4.7% & +6.1%
Think bitcoin is volatile? Depends who you ask! pic.twitter.com/deA5ejokpA
— skew (@skewdotcom) December 31, 2019
The volatility of Bitcoin’s price also influenced how the crypto was perceived in the media. For some, it was at some point a safe haven, something like digital gold, but soon it became a purely speculative asset.
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Foundations
In 2019 the foundations of the market also grew. At the end of the year, the number of bitomats outnumbered 6,000 throughout the world. In turn, the number of active addresses in the Bitcoin network increased by 7 percent in 2019. This may not be too much if we look at the ever-increasing interest of institutional customers and the increasing recognition of cryptocurrency , but it is also not a drastically low indicator.
What will things be like in 2020? There are many indications that things will be even better…
