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Soaring Bitcoin price make crypto more attractive than gold

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TL;DR

  • Bitcoin price keeps soaring
  • Investors now see the coin as a real asset that can be used as a store of value and wealth

Bitcoin price has kept soaring lately. The popular cryptocurrency asset has hit a recent purple patch which has brought it to as close its January 2018 high price.

The recent surge of the coin has rubbed off on other crypto assets too. This has made cryptocurrencies to be a more attractive investment option than even gold.

Presently, Bitcoin price has risen to as high as almost $16000 after gaining over 10 percent in the last 24 hours. The coin had been selling at its two-years high of $15,755 for a recent while.

Bitcoin was not the only crypto asset to have made gains in the last 24 hours. Other crypto assets like Ethereum also gained close to 8%, while Ripple’s XRP token also witnessed a 5% surge.

According to data from Bloomberg’s Galaxy Crypto Index, Bitcoin and other crypto assets have witnessed a growth of over 120% in the last year. However, the world’s most precious metal, gold, was only able to grow by 30%.

Analysts are predicting that Bitcoin price could get to its all-time high of $20,000. They believe that since it was able to break its resistance level, there is nothing stopping it from breaking its own record.

Bitcoin price rises as countries rack up economic measures

Bitcoin price has grown as more countries are trying to mitigate the effect of the pandemic on their economy.

Many countries are resorting to printing more fiat currencies out of the thin air. Investors are however seeing this as a reason to invest in a currency that has a finite number of supply. Millions of investors around the globe now regard Bitcoin as a real asset that they can use as a store of value and wealth.

Bitcoin has become undoubtedly the best performing asset of the year despite the ups and down the coin had faced earlier in the year. 

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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