According to data received from Bloqport, a research and analytics firm, Bitcoin has shown gains for six months in succession now, after ending March with 29% gains. The asset value of this crypto has doubled from $29,383 in December 2020 to $58647 currently. With this, this cryptocurrency has outperformed several assets, which include gold.
According to Bloqport’s data, this crypto’s current run started at the beginning of the 4th quarter of 2020, coinciding with news of the acquisition of the asset by institutional investors. As per news from Bitcoin.com, Square Inc and Microstrategy, two American companies, kickstarted this wave of purchase of crypto assets by hedge funds and large corporations. As an example, after the announcement by Square Inc on 7th October 2020 regarding its conversion of 1% or 50 million of cash reserved to BTC, corporations such as Tesla by Elon Musk began revealing their BTC holdings.
As an increasing number of large corporations and institutional investors continue to reveal their position, the value of the crypto asset surges. An example of this is the increase in value from 28% in October to 43% in November and by 48% in December, which also saw Bitcoin crossing its all-time high of less than $20,000. This cryptocurrency has increased by 2-digit figures in the first quarter of 202, with the lowest gain recorded in January 2021.
However, Bloqport’s data says that bitcoin has shown gains for 6 successive months for the third time. It was first seen between the months of April and September 2012 and for the second time between November 2012 and May 2013, which was for 7 months.
The worst period for BTC was in 2011 and 2018 when it recorded low gains.