The adoption rate of cryptocurrency in Nigeria hits new highs and the price of Bitcoin has hit a more than 60% premium.
Recent data published by Fundstrat indicates that Bitcoin stands as the best-performing asset class so far this year.
Posted on the Twitter account of Thomas Lee, Fundstrat’s head of research, the data shows that Bitcoin has gained more than any other asset class in 2020. The cryptocurrency, having increased by nearly 40% since the beginning of the year, has outperformed other asset classes by over 19%.
#Bitcoin Bitcoin is best performing asset class in 2020, beating Treasuries and Gold, both up an impressive +21%, +13%
– Bitcoin top performer in 2019
– the ‘halvening’ happens within days
– Paul Tudor Jones buying Bitcoin
— Thomas Lee (@fundstrat) May 8, 2020
Bitcoin Bullish For Second Year Running
Last year, Bitcoin saw a 92.2% increase by the end of the year, outperforming other class assets too. So far, the second leading asset class are US Treasuries, which are boasting a 21.1% increase. Gold is following in third with a 12.5% rise. Curiously, Nasdaq – which saw a 35.2% increase over the course of 2019 – has only gained 1.7% this year.
Certain Altcoins Enjoy Gains Too
Other cryptocurrencies get to appreciate the ripple effect of Bitcoin’s gains. Ethereum, for example, was sitting on $130.39 USD at the beginning of the year and holds a current price tag of $212.21 USD. Ripple and Litecoin, however, have seen insignificant movements over the year.
Bitcoin Possibly Headed To New Heights
In the past thirty days alone, Bitcoin has surged by over 52%, moving from $6 555,50 USD to $ 9 996,74 USD. The token’s bullish increase could be attributed to a number of factors. Positive sentiment could be helping the upward trajectory of the token. The outbreak of the Coronavirus could also attribute to the value of the token, as more individuals are looking towards online methods of shopping and funding.
Most likely, however, is the time proximity to the Bitcoin halving which occurs approximately every four years. Historically, Bitcoin has seen a surge in price following the halving of the mining reward for Bitcoin. If this year follows in the same line, the gains of the digital asset will be projected to unprecedented heights.