The price of Bitcoin (BTC) was over $ 9,000 at 3:30 p.m. UTC. The price recovery is well above the industrial average of the Dow Jones or Dow, one of the most important barometers on the market.
Since the low near $ 3,850 on March 13, the price of Bitcoin has risen more than 130%, based on data from TradingView.com diagrams. At its recent high of $ 24,750, the Dow is only up about 36% from its March 23 low of $ 18,210.
Bitcoin is once again the most powerful asset in 2020.
– Alex Saunders @ (@AlexSaundersAU) April 29, 2020
All markets fell in March for fear of corona virus
Coronavirus Prevention Measures They took over in the first half of March, when the shops were closed and people stayed at home to “take refuge”. Bitcoin lost more than 50% between March 12 and 13, falling to around $ 3,850 on some exchanges.
In the meantime The traditional markets also fell massivelyIncluding a 10% decline in the Dow. The Dow recorded several red days after March 12 and reached its lowest point on March 23.
In contrast to March 13 turned out to be the newest fund for BTC. The asset has recovered well since then.
The halving news could also be enough
As traditional markets continue to recover, There is a fundamental driver that may be leading Bitcoin’s dramatic upward trend: halving.
Halving Bitcoin, which occurs only every four years, halves the inflation offer and essentially means that fewer new BTCs are in circulation on a regular basis.
In just 12 days Halving Bitcoin has sparked a lot of discussion as past events have led to a dramatic rise in prices.
Many experts have spoken on the subject in recent weeks, and Some have stated that the event may not play the same role as previous halving. Only time will tell.