Since the beginning of the year, the price of Bitcoin has skyrocketed by more than 80%. During the same period, gold has increased by 26.3%, while the S&P 500 has grown by only 6.2%, Arcane Research analyst Vetle Lunde has reported.
At the same time, compared to the top 10 cryptos on the market, the dynamic of Bitcoin is risible. As a comparison, since the beginning of the year, Chainlink has jumped by 564%, Cardano by 228% and Ethereum by 217%.
Thus, investors who decided to invest their funds in Bitcoin rather than in traditional assets have made some good profits so far. However, we must not forget the crypto market is pretty volatile, which means that the situation could change quickly.
The current markets are suffering from the crisis caused by the covid-19 pandemic. While Bitcoin is showing some degree of correlation with traditional markets at some times, at other times it acts as a safe haven for investors who want to put their funds safely in turbulent times.
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