Bitcoin Price Heading For an All Time High?
During the Covid crisis, casual investors started to swap stocks and shares for investment in cryptocurrency, with Bitcoin and other altcoins like Chainlink and Ethereum proving to be hugely popular. With lockdown easing, many analysts believe Bitcoin’s price will reach an all-time high in April.
BTC Price Goes Over $60k in April
Bitcoin has jumped above $58k after holding off sellers near $57,700; with analysts suggesting BTC/USD could go higher in April. Investors could head into a historically bullish April with prices beating the all-time high of $61,683.
Bitcoin’s price has gained on average 51% in April over the last ten years. Analyst, Willy Woo, recently stated Bitcoin’s price could continue higher to mirror the historical four-year cycle that previously saw prices peak in 2013 and 2017.
How to Look At the Overall Price Performance of BTC and Other Coins?
For anyone wanting to delve more into the price history of Bitcoin and other altcoins then this recently launched Profit Time Machine, lets you select a cryptocurrency, an amount of capital, and any date in the past, and shows you what that investment would be worth today. It can reveal how much you would have made if you’d invested the same amount in some of the most popular stocks instead.
Last March saw one of the most severe crashes in the cryptocurrency market, with the months that followed presenting some of the greatest growth rates ever in the cryptocurrency market as the new bull run began.
If we look back, BTC started 2020 just below $7,200 and, after rapidly recovering from its March drop, ended the year above $28,900, which represents an increase of 302%. Comparing this against the largest stock by market cap, namely Apple, we see that Apple was trading at around $74 at the start of 2020 and by its end was worth over $132, meaning it rose by 79%. BTC was nearly 4 times as profitable as Apple in 2020.
Ethereum had an even stronger performance. Its price began 2020 at around $129 before growing an amazing 470% to $736 by the year’s end. The smaller cap altcoins showed impressive gains in 2020: Litecoin 203%, Stellar was up 186%, Cardano 456% and Chainlink was up a massive 528%.
On the other hand, if we look at some of the most popular stocks for comparison, we see that the price of Amazon shares rose by 74% last year, and Netflix by just 66%.
Click here to read more on alt coins to invest in.