- Bitcoin performed its best during the global pandemic
- The entry of Indians in the cryptosphere seems to be a reason for Bitcoin’s uptrend
- The soaring Bitcoin created a positive sentiment in the industry
- The current situation has confused the Bitcoin investors
It is observed that from 1st January 2020 until today the price of Bitcoin has surged around 153.28% to $18,185.59 from $7,179.96. Several analysts are putting a question mark on how does Bitcoin be able to surge during the global COVID-19 epidemic. In the last two months, the world’s famous cryptocurrency has faced a steep ascend to $19,028 in November, from $10,665 of September before falling at $17,000 on Friday.
Indians have a much contribution in Bitcoins uptrend
Earlier this year, during the COVID-19 pandemic, the government of India announced several lockdowns, due to which several individuals residing in the country have lost their jobs. After getting unemployed, several individuals led to invest in cryptocurrencies as a side income, as several individuals became traders, technical analysts, and influencers. As everyone doesn’t understand crypto, several have helped others to invest in cryptos, which emerged as a crypto use case in the country. However, this positively affected me.
The increasing price also created a positive sentiment
According to Nishchal Shetty, CEO of WazirX crypto exchange, The increasing price of Bitcoin and Altcoins have also attracted a herd of retail investors in the cryptosphere. However, as investors remained entering the scenario of cryptocurrencies, the surge of the coin designed by Satoshi Nakamoto, has reached at the level of $19,783 since 2017.
People transferred their fund in a deflationary asset
A lot of money printing during the pandemic led to high inflation globally. With inflation stock markets also remained shaky, as investors knew the stock market depends on companies which have been affected by the epidemic. However, to ensure the value of money, individuals have conserved their funds in assets like traditional gold and digital Bitcoin. Indeed, Bitcoin has a limited supply and is seen as a better store of value.
Are investors confused about hold or sell?
According to Shetty, people are noting digital currencies, several individuals have brought such currencies at high rates and held those since 2017. Such investors are now getting activated about their next step. However, in the case of BItcoin, around 60 to 70 percent of investors hold it for long-term, where the tiny percent of investors hold such a token for the medium and short term. Indeed, there is confusion in the industry, and we will understand that after it supports a bit.
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