Bitcoin has had better performances than Gold and Stock Market in the past year. The virtual coin has entered the new year with high past performances and a history of record values.
According to StockTwits, important companies like Nasdaq, Gold, Jung Bonds, S&P 500 and many more have had increases lower than 35% in the past year. 2015 and 2016 were also great years for Bitcoin, but in 2017, it managed to surpass all its last years performances. The coin’s value at the beginning of 2017 was at $900 and $13,500 at the end of the year. For this past year, Bitcoin has recorded a growth in price of approximately 1300%.
In spite its massive increase, regarding the global market of cryptocurrencies, Bitcoin was not the most profitable one. Litecoin, IOTA, Ripple and Ethereum have had better performances. Ripple’s virtual coin, XRP has benefited from a 300% growth from the beginning of the year.
The domination index of Market Dominance for Bitcoin has dropped significantly from 90% to a bit above 38%. Financial analysts blame this decrease on the transaction fees that have increased to 20 dollars for a basic transaction in December.
2018 is claimed to be an important and decisive year for Bitcoin. Mike Novogratz has spoken many times about the $50k target of the cryptocurrency. He is convinced that the market cap of Bitcoin will surpass a trillion of dollars in 2018.
Investors are waiting for innovative scalability solutions meant to reduce the transaction fees and processing time. These solutions is claimed to improve Bitcoin and increase the adoption rate of it.
Gold has always been associated or used as a reference for a high value or for something tangible expressing wealth. Bitcoin’s trades have managed to top Gold’s, and that surpassing managed to pin down some allegations regarding Bitcoin not being a real currency.