Source: Shallot Blockchain
Although just two weeks have passed in 2020, the entire cryptocurrency market has already felt the "spring" breath. In just two weeks, Bitcoin has achieved a considerable increase of nearly 20%, and this kind of starter market performance is rare in the cryptocurrency market's short history.
From the past market performance, bitcoin's performance in the first quarter of each year is generally the worst in the year, and the largest increase in bitcoin in the first quarter since 2012 is only 11%. Therefore, if the strong performance of the first two weeks of this year can continue Go on, then we are about to usher in the best opening performance of Bitcoin in the past eight years.
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The poor performance of the cryptocurrency market represented by bitcoin in the second half of 2019 once clouded the prospects of the 2020 market and adjusted the time back to about a month ago, even if there is a huge potential benefit of halving the bitcoin reward in the middle of this year However, the market's expectations for the trend of Bitcoin in 2020 are still relatively pessimistic. However, this pessimism quickly dissipated with the emergence of a wave of risk aversion after New Year's Day. Although the current market risk aversion has clearly cooled down, the rise of Bitcoin clearly shows no sign of stopping.
The latest statistical results released by data analysis agency Skew Research show that Bitcoin currently has the opportunity to usher in the strongest performance in the first quarter since 2012. The currency has achieved a considerable increase of over 18% in just two weeks, and the market The optimism is rapidly gathering.
As can be seen from the table above, in the past few years, Bitcoin's performance in the first quarter of each year was basically the worst in the whole year. Even in 2017, when the market ushered in a big bull market, although the current first quarter achieved an increase of 11.21%, in the other three quarters of the year, the single-quarter minimum increase of Bitcoin reached 74.89%. In 2014, 2015 and the first quarter of 2018, Bitcoin experienced a very large price correction. Although bitcoin again achieved a quarterly increase of more than 10% in the first quarter of last year, in the second quarter of last year, the increase in bitcoin was as high as 161.5%.
Therefore, if Bitcoin can maintain the current year's gains in the next two and a half months, then Bitcoin will successfully achieve the strongest performance in the first quarter in nearly eight years.
Where does the strong performance of Bitcoin start?
Vijay Ayyar, the head of cryptocurrency exchange Luno's business development in Singapore, said in an interview with Bloomberg that the recent wave of bitcoin's rise is only a start signal for a new round of rising prices, and the currency's continued rise in the future has basically become a market consensus. The introduction of CME Bitcoin options has become a booster for stimulating the market to rise rapidly.
Binance founder Zhao Changpeng and Galaxy Digital founder Mike Novogratz said that the large-scale admission of institutional funds has become the driving force behind the recent wave of Bitcoin.
Su Zhu, CEO of Three Arrows Capital, pointed out that the surge in Bakkt's bitcoin futures is also the key to the recent rapid rise. The current volume of bitcoin settlement contracts on the platform has exceeded $ 100 million. This means that more and more money is flowing into this emerging market.
Some influential analysts in the market are equally optimistic about the outlook. Mohit Sorout, co-founder of Bitazu Capital, pointed out that the rapid rise of bitcoin in the short term has allowed the market to break through multiple key resistance positions. In the past six months, these resistances are the key to curbing the market rebound. As the market breaks out, there is still room for bitcoin to rush further in the future.