Bitcoin traders look optimistic in 2020 although 2019 was a challenging year for the cryptocurrency, according to Yahoo Finance website.
Despite challenges, the Bitcoin has surged 97.3%% to around $7,300 currently, compared with almost $3,700 at the same period last year.
The cryptocurrency continued to trickle downwards this year, hitting a low of $3,400 on February 8, according to data unveiled by CoinMarketCap. However, the price began to climb, hitting a one-year high of $12,955 on July 12. Since then, the market has been dominated by dramatic price swings.
In just few days, the Bitcoin dropped from approx. $13,000 to $9,481 by July 17. However, it rebounded to $12,240 on August 6.
The mid-December crash was blamed for a Chinese ponzi scam, according to a report by Chainalysis.
Some experts believe that investors were tired of the market swings and thus got out while the trend was moderately good.
Simon Yu, CEO of StormX, said, “Many companies and individuals investing in Bitcoin and other crypto still need to liquidate to fund their day to day expenses.”
“The fear of Bitcoin crashing even further is likely causing people to sell off further,” he added.