Cryptocurrency has been the best performing asset this year, according to Bloomberg. Bitcoin skyrockets to 80.90% in value year to date, while gold has only risen by 20% in comparison. Now more than ever is a great time to begin venturing in the crypto market.
The rapid growth in the crypto space can be attributed to the effects of the global COVID-19 pandemic. The national lockdowns had major impacts on economies and many traditional assets. Safe-haven assets such as Bitcoin are favorable because it is considered as a hedge against inflation. Crypto coins have proven their ability to retain value during times of economic crisis, and many investors have gone wary about focusing their money elsewhere.
Investors and traders use brokers like PrimeBit to profit heavily from the price moves of major cryptocurrencies like Bitcoin, Ethereum, Litecoin, and Tether. With up to 200x leverage, anyone can have unlimited profit potential with capped losses.
Analysts expect a positive impact on Bitcoin and alt tokens during the US election season. Markets will certainly shake with different candidates having opposing policies. If Trump takes the presidential seat, the dollar may see a short-term gain, with potential losses for cryptocurrency. However, this will be short-lived because of the existing financial situation that has left America on the verge of a recession and the US–China trade war worsening. If Biden wins, Bitcoin and gold are likely to increase in value with a weakened US dollar due to more stimulus pumping.
Bitcoin made massive gains already and talks about a new stimulus package pushed Bitcoin prices much higher last week. Bitcoin already gained a huge 18.83% from the start of early voting last September. Adding to the good news, PayPal’s move to enter the crypto space caused Bitcoin to rally above $13,000 on Wednesday!
More corporations started buying cryptocurrencies recently. Square, an American finances company, has purchased early this month 4709 Bitcoins amounting to about $50 million dollars. This represents 1% of Square’s assets, highlighting the strengthening validity of crypto in the corporate sphere. The founder and CEO of Square, Jack Dorsey, believes that cryptocurrencies will be the future of currency.
If you’re looking to diversify your portfolio or switch exclusively to cryptocurrency, the PrimeBit Demo Trading Contest is the perfect introduction for you. You can trade and profit from cryptocurrencies without any risk or investment. All you need to do is trade using mock funds in a demo account and generate as much profit as you can. Everyone is welcome!
To join, just sign up using your email address and your contest trading account is ready. A total of $5000 will be given away to traders with the highest ROI! So far, 9 out of 10 of the best traders recorded an ROI above 2000%! This contest is already running and will end on November 15, 2020.
Hurry and take your slot!
Disclaimer: The information presented here does not constitute investment advice or an offer to invest. The statements, views, and opinions expressed in this article are solely those of the author/company and do not represent those of Bitcoinist. We strongly advise our readers to DYOR before investing in any cryptocurrency, blockchain project, or ICO, particularly those that guarantee profits. Furthermore, Bitcoinist does not guarantee or imply that the cryptocurrencies or projects published are legal in any specific reader’s location. It is the reader’s responsibility to know the laws regarding cryptocurrencies and ICOs in his or her country.