Forget the Dip: Bitcoin’s Price Just Almost Got to Where It Started in 2020

Bloodbath, red moon, market crash. The current state of the financial markets, including Bitcoin, has brought little to no joy to the face of at least most investors.

At the same, though, while critics often point to the fact that Bitcoin’s recent market performance has defied the store-of-value narrative, it can be easy to forget that the cryptocurrency is still putting in a strong outing when compared to other investment vehicles.

Evidently, the closest comparison to Bitcoin (BTC) would be Gold (XAU) which at press time is seeing a 7.76% gain on the YTD-chart. Bitcoin is not far off on the same scale, with an over 4% gain within the same period.

Gold Chart

Gold (XAU/USD) YTD


BTC Chart

BTC/USD YTD

While both charts arguably have different patterns, because of Bitcoin’s inherent volatility, the fact remains that Bitcoin has held its ground well in light of the recent crisis. At the start of the year, the leading cryptocurrency was trading at $7182 according to the Coindesk Index, with the price at press time standing at $7338.

A Buy Opportunity?

Even though there is little to no sign of a wedge or relief for the failing markets, some investors hold that the current conditions present the perfect opportunity to buy assets at a discount, and then wait for a rebound. However, price action in the coming days will likely reveal what steps investors should take next.

For Bitcoin, though, the fact remains that the decade-old cryptocurrency isn’t having a bad year yet, despite how bad it has been for the rest of the financial market. Also, the fact that this is the first time Bitcoin is existing during a period of a global financial crisis still makes it perhaps an interesting asset to keep an eye on.

NordFX