Bitcoin’s performance in 2019 was amicable. The coin managed to surpass everybody’s expectations during Summer when it finally overcame its frozen valuation of $3000 and jumped nearly to $14,000, just $6000 short of its all-time high of $20,000.
Naturally, the hype quickly died down after most people made their profits and started liquidating their assets in anticipation of another crypto winter coming before the end of 2019. This brought the coin back down to $7,000 with very little to save it.
Thankfully though, due to 2020’s rocky political start of the US-Iran crisis paired up with the Coronavirus outbreak, BTC managed to jump once again past $9,000. However, this small jump is not necessarily considered as something to base entire theories on, especially the ones regarding a return or set of an all-time high.
Taking the market with it
BTC has a very weird feature of dragging the market with it no matter how it performs. It’s believed that the 2019 Summer hype was mostly caused by the BTC surge, followed up by the current amazing performance of the market in January.
However, there was, or is one coin that has failed to keep up with all of the hype, and that’s XRP. According to predictions, it’s likely for the coin to finally break away from the unintentional BTC-peg and become its own crypto again.
Furthermore, if you visit the bitcoin revolution official site by going to https://bitcoinrevolution.cloud you will also notice that even trading robot companies are predicting a serious change with XRP in 2020 as well as other “cheap” cryptos. As people become less and less confident in Bitcoin due to its performance in 2020, XRP will finally have the exact chance to shine as it had in 2017.
The arguments are about a 24-month long downtrend which is almost guaranteed to turn into a positive upscaling within the coming months. Looking at XRP performance for the past week though, it’s becoming harder and harder to disagree. The coin is well on its way to beating the 2019 highest valuation of $0.480 but with a long way to go. But considering the angle at which the crypto is currently growing, there’s a definite resemblance to the Summer 2019 surge.
Cryptos prove to be a safe haven
Many would say that Bitcoin confirmed itself as a safe haven for most investors during times of crisis. This argument is mostly supported by the sudden surge of search volumes for BTC Iran when the conflict began.
But considering that the conflict ended almost within days but is still a big political issue, it’s safe to say that there is some merit to this notion.
Should cryptos continue their presence during political and financial crises, it’s almost guaranteed for BTC to once again be the primary driver for market consolidation. 2020 is already rich with political intrigue and it’s been just one month. We will soon see how much this year has to offer to the crypto market soon enough.