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Bitcoin has remained popular and the largest cryptocurrencies in recent times. However, just yesterday, it has witnessed the upward momentum thus proving out to be psychologically significant on Sunday for the maiden time since last October claimed the recent costing as shared by Bitstamp. It soared to 4.3 per cent this Monday after getting closed by $10,163 this Friday claimed the reports of Bloomberg pricing, which means it ended up with capping a gain of about 40 per cent in 2020. The breach of five figures seems to have come amidst the equities as claimed by the S and P 500 Index reach going to the new highs as fears of the coronavirus was seen adding the impact making a dent over the global growth.
Thus the rally can be seen as the part and parcel of the broader appeal for the risky assets seen like an optimism growth, thanks to the impact of the said virus. This impact would be seen as vivid over the first quarter of this year. The market analyst at Oanda called Mr. Ed Moya was seen in the first quarter is still to be expected to get a rise in China and thus seen doing two trade talks. Cryptocurrencies are now on a higher trend all these years, with some of the analysts and digital-asset enthusiasts on the other side was seen suggesting the ways of benefiting the most with safe-haven playing methods amidst the current geopolitical concerns seen all over the globe.
There is certainly a narrative that is seen in an investment community found in Bitcoin seen becoming tangible in its place like a store of the value claimed by Michael Sonnenshein the managing director at Grayscale Investments. This seems to be a new narrative found in the investment community, which Bitcoin is considering a lot. Adding further on this issue, he said that if history continues to move ahead, this trend would repeat in the coming month of May as well. However, he said some of the investors are predicting some positive change in terms of gains in the market.
One of these Bitcoin enthusiasts Rob Sluymer of Fundstrat Global Advisors is seen expecting a surge in the second quarter of 2020 with the trading range reaching up to $11,000. Mike McGlone on the other side yet another analyst with Bloomberg Intelligence claimed that the 2020 outlook has now remained the largest digital token which is likely to remain favorable for all. He compared the same with gold, stating that the positive fundamentals should further extend the price of Bitcoin. Earlier last week, Bitcoin was seen soaring to almost $20,000 the way it did in December 2017 and thus the very same year it did finish with the growth of a whopping 1,400 per cent allowing the cryptocurrency burst into the mainstream. It then took a plunge by 74 per cent the upcoming year of 2019 before it was seen rebounding to around 100 per cent.