The price of Bitcoin has continued its pre halving rally by jumping more than $600 in today’s trading session which pushes it well above the $8000 mark and back above the levels that it held in the days before the coronavirus caused all financial markets to tank.
The amazing turnaround by the world’s favorite cryptocurrency is made all the more remarkable by the fact that it has outshined all other asset classes by huge margins, when it comes to the recovery on the back of the virus
So far in April, the Bitcoin price has jumped over 25 percent, while gold, the world’s most popular safe haven asset has gained just over 6 percent which leads many to believe that Bitcoin is not only being bought by speculators, but also investors looking for a safe place for their money
Even compared to the stock market, bitcoin is roaring ahead against one of the world’s most popular indexes, the S&P 500 which has only managed to gain around 10 percent. The oil price is by far the worst performer and is down more than 30 percent which seems disastrous, but the price has actually made a big recovery from earlier in the month when it fell into negative territory.
The rally in bitcoin is set to continue with the halving process now around two weeks away and some analysts are predicting the hype surrounding this event will push the price towards the $10,000 mark.
“Look for prices to attempt the $10,000 level on speculative buzz leading into the halving,” said Jehan Chu, co-founder and managing partner at Hong Kong-based blockchain investment and trading firm Keneti Capital.