There is no secret behind the fact that crypto currencies have been the talk of the town for the past decade. Ever since the bitcoin boom that happened several years back, more and more people have been showing a willingness to step foot into the crypto currency world. Speaking of the bitcoin boom, it took the world by storm. No one had ever imagined people even making a cent out of their bitcoin investments. However, these investors prove everybody wrong by being patient hand holding onto their investments with XTRgate. We all know the result that they achieved because of their patience.
Why Bitcoin is the Preferred Currency
In case you are not aware of the results, people made millions of dollars and turned their fortunes around in one night. This inspired thousands of people to invest and trade in crypto currencies, and a lot of people who followed through ended up making big profits. Suffice to say, the bitcoin boom was inarguably the best thing to happen in the online trading world, and some people even say that replicating it will be close to impossible. That being said, after the boom ended, it was never able to reach back to its former heights. Sure a large number of people started investing in bitcoin, but the results were never the same as they were before.
Does this mean that bitcoin is not a profitable crypto currency? Absolutely not! As a matter of fact, bitcoin still happens to be the most profitable crypto currency in the market. It is just that it is not the same as it used to be, especially when you look at all the market reviews. Because if it was, you most likely would not be talking about the new crypto currencies that we get to see on a regular basis. So yes, people are still investing in bitcoin, but they have to be wary of a lot of things before making their final decisions. They have to consider the rates and possible profitability that other crypto currencies have to offer before making their final decisions. In comparison to what it used to be, bitcoin is quite unstable these days.
Some days it offers the most profit, while there are other days where it seems like the least profitable digital currency out there. Back in the day, it used to be consistently fruitful which is why people never showed hesitation when it came to investing in bitcoin. Nowadays however, bitcoin has been facing a tough competition from other crypto currencies, litecoin and ethereum in particular are rising through the ranks and show promise of toppling over this fan favorite crypto currency. There have been several moments where these currencies came inches closer to dethrone bitcoin, but for some reason or the other bitcoin managed to retain its position.
So, whether or not bitcoin retains its position in the future remains to be seen. However, so far, despite the ups and downs, bitcoin still remains on top and people still continue to invest and trade in it to make sizeable profits in the future.
How Did Bitcoin do in the First Quarter of 2020
No matter how good or bad bitcoin is doing, it always remains a hot conversation topic among investors and traders. Why? because a lot of people still believe that there will come a time when bitcoin will return to its former glory, once again, leaving all of the other crypto currencies behind. While everybody would like to happen, it is important to keep realistic expectations. This is why a lot of people check for market reviews to find out the latest updates regarding bitcoin. Just like the previous year, and the years before that, a large number of people have shown curiosity about how did bitcoin do in the first quarter of 2020? However, unlike the previous years, things were a little bit different. Why? one of the biggest reasons why things were different was the corona virus.
As everybody knows, this pandemic took the world by storm. No one ever saw it coming the way it did, and the select few people who did see it coming, never expected it to make an impact as massive it already has. It has deteriorated the economies of various countries, causing them to go into turmoil. Therefore, keeping these things in mind, a lot of people expected bitcoin and every other crypto currency for that matter to go down.
The question is however, did bitcoin or other crypto currencies actually go down because of the outbreak? The answer to that question is surprisingly, no. As a matter of fact, bitcoin and a couple of other crypto currencies have shown remarkable improvements during the first quarter. Look at any market review that you come across and you will notice that the first quarter of 2020 has been quite generous to bitcoin and a couple of other crypto currencies.
No doubt, this has come off as a massive shock for traders and investors in the crypto currency world, as they were completely sold in the fact that thee digital currencies will face a massive drop. This also proves that the nature of all crypto currencies is indeed quite unstable. Sure, there are a couple of currencies that people brand as stable, however, when you take a closer look at them, you will realize that they are no different than the competition.
The Global Disruption Has Not Dented Bitcoin So far
As we were just discussing earlier, the global disruption that has happened so far has not had much of an impact on bitcoin and various other crypto currencies. Some people thought this news was alarming while there were others who claim that they expected this to happen. Whether this improvement will carry on to the latter parts of the year or not remains to be seen. However, one thing is for certain, and that is – bitcoin still remains on top despite the conditions becoming unfavorable for it once again.
This just goes to show that bitcoin is quite reliable and f you are patient enough, you can indeed make massive profits out of it.
What Does the Rest of the Year Hold for Bitcoin
According to the projections that various market reviews have been making so far, it seems like bitcoin is in for a good year. However, it is once again important to take into consideration that crypto currencies are not that stable in general. So fluctuations in bitcoin price or the price of any other crypto currency should not come as a surprise to anyone. If anything, people should start embracing these fluctuations and start forming their strategies around them. You would be wise to wait for opportune moments to make your investments and trades, particularly when it comes to bitcoins. As history suggests, all you have to do is what for your chances and play your cards right in order to achieve success in the vast landscape of crypto currencies.
Possible Reason for a Good First Quarter
Although there have been tons and tons of speculations regarding why the first quarter went as well as it did for bitcoin, no one has been able to point out on particular element that indicates the reason behind bitcoin success. That being said, some experts have been quick to point out that the pandemic itself could be the reason why bitcoin started gaining so much steam. Since a large number of people are practicing social distancing and prefer not to even go out to get their money out of the bank, they are looking for alternative routes. Sure you can also make online payments through your debit card or your credit card but some experts suggest that there could be a massive change up ahead going forward. They firmly believe that the future world will have most, if not all of its transactions happening through crypto currencies. Now, there is no indication whether this will happen or not. However, looking at how things are going so far, it only makes sense that there is a more convenient and modern way of making payments.
With all of that said, there is also another reason behind the first quarter success for bitcoin. Some people are slowly losing faith on other crypto currencies as in the past, there have been lots of them that did not work out and faded into obscurity. These people are scared that the same would happen to the crypto currency that they are currently investing or trading. Instead, they are turning their heads towards something more favorable, a currency that has stood the test of time, and that just happens to be bitcoins.
You might be surprised to find out that the figures that bitcoin has shown in the first quarter are actually quite historical. Never before has this currency or even other cryptocurrency shown so much resilience. The first quarter figures were actually record breaking when you consider that the coronavirus has economies dwindling downwards.
It once again suggests that bitcoin is here to stay for the long run and should be the ultimate choice for any trader or investor who is looking to make it big in the crypto currency world. As long as you gain some basic knowledge and choose a reliable broker, there will be nothing stopping you from attaining considerable amounts of profits. There is tons of evidence to back this up, with the major one being that people still became millionaires by trading bitcoins far after the boom period was over. Suffice to say, you would do no wrong by choosing this crypto currency, especially when you think about the successful first quarter it has had in the year 2020.