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Despite the high volatility, the Bitcoin (BTC) cryptocurrency showed better indicators of value growth than gold, oil, as well as the S&P 500 and NASDAQ indices. This data was provided by CoinGecko analysts. They noted that although the BTC rate fell to $ 41,000 by the end of 2021, it still closed the 12-month period with a profitability indicator of 62%. The experts also shared other details about the situation in the cryptocurrency market in 2021.
Analysts stressed that the past year was not easy for Bitcoin. The ban on cryptocurrency, initiated by the Chinese authorities, the coronavirus pandemic and the high inflation rate of the US dollar (USD) have seriously affected the price of the digital asset.
Nonetheless, BTC has shown its strength, reaching an all-time high of $ 69,000 in November 2021. The company also noted that the launch of Bitcoin futures ETFs was an important step for the development of the entire industry.
The experts separately emphasized that all the popular instruments used by investors to hedge risks performed worse than Bitcoin last year. Experts paid special attention to the cost of gold, which fell by 6% over the reporting period.
Analysts recalled that Bitcoin also dominated over other financial assets in 2020. This state of affairs allowed experts to say that BTC is the most reliable investment tool in recent years.
Earlier, the editorial staff of Crypto.ru reported that Kazakhstan had been informed that mining organizations had restored the indicators of bitcoin production. The hashrate of the main network was severely damaged after the state’s main provider cut off Internet access for many parts of the country. This happened on January 5, 2022. A week later, the Bitcoin production level was restored by almost 90%.
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