Bitcoin rises 14%, becomes the top performing asset of 2020 again

The digital currency is now up 30 percent from its March lows, outperforming the likes of S&P 500 (25 percent), Nifty (27 percent) as well as most other major markets.

April 30, 2020 / 09:09 AM IST

The world's largest cryptocurrency, Bitcoin soared over 14 percent on April 30 reclaiming its pre-coronavirus bull run of 2020.

It was quoting at $8,852.46, up 14.1 percent, at the time of writing this copy. It touched an intraday high of $8,973.08, nudging the crucial $9,000 levels and an intraday low of $7,755.07.

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The digital currency is now up 30 percent from its March lows, outperforming the likes of S&P 500 (25 percent), Nifty (27 percent) as well as other major markets.

"Bitcoin is now trading at a critical inflexion point, where significant Fibonacci retracements, 50-day moving averages, and 10-day moving averages converge on the daily chart," said Forbes report, quoting analysts at Singapore-based bitcoin index fund Stack.

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The turning of this resistance to support could see "further price action upside towards $9,300".

With the sharp surge, Bitcoin has reclaimed its position as the top rising asset class of 2020 once again, outperforming the likes of gold, crude, stocks as well as corporate bond.

Is FOMO playing out?

The amount of new Bitcoin mined every 10 minutes or so will drop by 50 percent from May 12. Sharp price surges were seen in the past adjustments of 2012 and 2016, which could potentially mean that the Fear Of Missing Out (FOMO) could be playing out in the top digital currency.

This was also evident from the 21 percent rise in Bitcoin prices in the last five days.

"The media coverage of the halving over the last five months, combined with continually increasing Google search volume for ‘bitcoin halving’, suggests that we may see similar FOMO around the upcoming halving event," Danny Kim, head of revenue at SFOX, told Coindesk.
Suyash Maheshwari
first published: Apr 30, 2020 09:09 am

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