Following the April recovery of Bitcoin (BTC) and other major cryptocurrencies, the market interest in Italy has suddenly increased. Last year was a bad period for blockchain and the entire cryptocurrency industry, but in 2019, Bitcoin, the leading cryptocurrency by market cap (MC) is doing better than the stock market, gold, real estate market, oil and gas.
The next bull run for Bitcoin is possible if the price patterns remain like this. The cryptocurrency is now eying the $6,000 price level. Remember, recently, senior analysts such as Peter Brandt predicted that the leading crypto by MC will have an exponential growth and is more likely to trade around $100,000 by the year 2020.
Bitcoin had a significant growth in the first week of this month, skyrocketing suddenly from $4,130 to more than $5,300. Since then, it has been trading above the $5,000 price level for most of the trading days. Basing on the January 1, 2019 BTC/USD price of around $3,760 and the current price, the digital asset has soared over 41 percent in value.
At the time of press, the BTC/USD is trading at $5,480 (-1.96% 24h) with a MC of $96.800 billion and its daily trading volume is $16.828 billion. The entire MC is standing at $177.343 billion and the BTC dominance is at 54.6%. Its 30-day high is $5,632 and low is $3,934; 7-day high is $5,632 and low $5,208; and 24-hour high is at $5,632 and low at $5,382, according to the coinmarketcap ( CMC) data.
The cost of oil has been significantly high in 2019 due to increasing demand by the consumers and the US economic sanctions especially against Venezuela and Iran, hence making the performance of the oil companies to be positive, whereby a barrel has been trading around $46.5 to $63.5, which is about 38% since this year began.
The oil prices deeply plunged in the year 2014 due to record oil production in the United States of America (USA), fall in the global economic growth, stable US dollar, high petroleum production in Saudi Arabia, etc.
Gold, the main competitor for BTC is doing bad in this year. At this moment, investors have been seen purchasing gold for the purposes of diversifying the portfolio. Considering the data of the past decade, averagely, the price of Gold has been soaring by just 4.8% annually. However, since 2019 began, the price of gold has been plunging by around 0.4%.
Indexes in the market are positively growing, for instance, the Vanguard Real Estate ETF (VNQ) is seeing 17 percent growth. And when you also look at Nasdaq indices, is up by around 20.5 percent on the yearly basis; the S&P 500 index also shows a 16% increase; and around +14 percent for the Dow Jones Industrial Average.