Finally, Bitcoin has got back its days.The cryptocurrency is now hovering below the $11,000 mark, representing a year-to-date gain of 57.3%. In fact, the cryptocurrency has skyrocketed about 122% since this year’s low touched on Mar 16. With the current pricing, Bitcoin is edging toward the one-year high of $11,956 hit last August. Not only Bitcoin, cryptocurrency like Ethereum has also touched year-to-date highs.
Many industry experts have been scratching their heads to understand the logic behind the monstrous rally behind Bitcoin, that too in such a trying time like this. Global central banks and governments are pouring cash like anything to keep the respective economies going amid the coronavirus scare.
Is Bitcoin Perceived as Digital Gold?
An article published on CNBCnoted that Bitcoin is emerging as a safe-haven asset like gold. SPDR Gold Shares GLD has rallied this year as gold hit an all-time high thanks mainly to safe-haven