Just when you thought you’d had about enough of Bitcoin, it made its mark as the best performing asset of 2021, beating stack and even commodities…
We have heard a lot of rumors surrounding Bitcoin and how there are currently a lot of new entries into the market with the right potential to take out Bitcoin for good. There are also some strong competitors like Ethereum, Ripple, and even underdogs like Stellar and Monero that have shown real potential to take out the big dog. Then there are the likes of Solana, Corda and Binance Smart Chain that have risen to be serious threats to the Bitcoin blockchain network. But will any of them really be able to reach Bitcoin? Our reports indicate that they won’t be able to for a while.
We have seen Bitcoin rise by as much as 50%, which clearly decouples it from the macro environment in Q4 and brushes up any corrections and speculations about its performance. As of now, Bitcoin stands as the best performing asset of 2021.
It is October and we are still seeing Bitcoin outperform all the other macro assets worldwide, with year-to-date returns of 49.1%. The data set from the investment firm NYDIG was posted by the @Bitcoin Twitter account which commented:
We saw Bitcoin have a hard time this year, but we also see that that downside failed to grip the market along with 60% retracement highs that the month of May brought. Sadly, it’s all but canceled…
If we compare the performance of Bitcoin to other assets, we will find that it beats the runner-up by a strong margin of 13%. Despite the month of September proving to be rather troublesome and meddling for Bitcoin, experts speculate that the history might repeat itself and October can potentially bring things around.
There are various factors that are indicating that the good fortune of Bitcoin is yet to run out. Considering the performance of the stocks, which have been speculated to give decent returns this month, and many altcoins observing humongous growths, we can say that Bitcoin may still see either some stability or growth, finally breaking the September Curse. One mentionable example is that of Solana which started out at the start of this year at just $1.60 while standing at over $251 at the start of Q4.
The prices of Bitcoin may yet rise by the end of October, as the traders are expected to indulge in a period of Dip-buying. Speaking of Dip-buying, the prices of Shiba Inu or better known as SHIB have skyrocketed by 100% following a whale buy. Six trillion of the SHIB assets were purchased by an unknown whale that doubled the value of the coin even though we have observed a TVL decline in the recent days in the decentralized exchange of the Shiba Inu.
Long story short, Bitcoin tops the chart as the best-performing asset of 2021, haters gonna hate and holders best pray it doesn’t bull anytime soon.