Bitcoin has ended the 2020 first quarter just below $6,500, losing just 10.7% for the quarter. Bitcoin’s performance was highlighted by a market monitoring platform Skew.com on March 31.
According to Skew’s information, BTC has braced the current coronavirus pandemic much better than traditional financial markets as other indexes have lost a lot more than BTC has.
Bitcoin hit its quarterly and current yearly low about 2 weeks ago. At that time, however, it has jumped by 90% as it regained a lot of the weight it had already shed. The king coin, however, corrected the gains a bit but is still at an impressive 75%.
As other markets continue their freefall which has wiped out gains on stocks and has spurred the Federal Reserve to print about $6 trillion, BTC seems poised for a bigger rise. Trading on several exchanges has picked up as members of the community continue to view Bitcoin as a safe-haven asset.
Coinbase recently reported a spike in BTC trading volume during the crash. Other assets including Ether (ETH) and Tezos (XTZ) also enjoyed sharp spikes in trading volume.
Bitcoin’s history suggests that the second quarter of each year is usually the most rewarding for traders and investors. 2013, was the only year, this Q2 trajectory was not followed. This means that the quarter just about to start will very likely bring interesting returns for holders.
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