At the time of writing, the positive momentum in the cryptocurrency markets is still present. Bitcoin is well on the way to $20,000, and that means we can expect some altcoins to pump higher as well.
Bitcoin broke through the $9,000, $10,000, and $11,000 levels with ease last month, but has struggled to consistently remain above $12,000. After hovering close to $14,000, it broke down toward its 20-day EMA, touching the $9,600 level again.
We can’t forget that Bitcoin is an uncorrelated asset that is helping investors dodge economic and geopolitical risks in the form of trade wars, sluggish GDP growth, and what appears to be a new era of quantitative easing for central banks. For that reason, the coin has emerged as the top-performing asset of 2019, vastly outperforming stocks, bonds, commodities, and government-backed currencies. Plus, Bitcoin’s all-time ROI is now over 6,000%.
Another positive price indicator is the fact that gold-bugs and more traditional asset-based investors seem to be turning to Bitcoin as a safe haven from a possible economic meltdown coming at the end of the year or in 2020.
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