Bitcoin Price in Q3-Q4 2020

In the previous article, we already wrote about Market Analysis & Bitcoin Price Q1-Q2 2020. BTC has outperformed the stock market so far in 2020. 

A strong recovery since mid-March has brought BTC prices back to the same level as in February this year. Monetary policy that continues to grow also serves to galvanize many of the biggest supporters of cryptocurrency. However, many people believe that Bitcoin is not a safe haven role due to its high correlation with the stock market during the stock market sell-off period.

Bitcoin volume is slowly showing an upward trend

The average weekly trading volume tends to fall since Bitcoin returned to the level of $ 10,000 in early May. The trend in the first half of 2020 is still going up, but there is no certainty whether this trend will continue or not because the market still looks stagnant. The second half of 2020 is likely to be marked by a decrease in trading volume, as we saw at the beginning of the second semester of 2019.

Market mash looks scared

If we look back at the first half of 2020 from the perspective of market sentiment, we can see a clear trend. Except for the February spike and a few minor spikes in May, market sentiment remains below the neutral zone and the 'fear' zone this year. Less than 25% of the first half of 2020 market sentiment shows ‘greedy’, which means; Uncertainty and fear in the market almost dominated the first half of 2020.


Different hype for Bitcoin and Ethereum in 2020

Google search trends show that Bitcoin and Ethereum had two different hype periods during the first half of 2020. When Bitcoin search interest hit its highest level when the market dropped in March, Ethereum's search interest peaked in mid-February, when ETH prices rose rapidly. The name Bitcoin also re-emerged when Bitcoin halving occurred in May, but did not exceed the level in March.

In addition, one thing that is also interesting is that Ethereum's search interest is still quite high. This happened after the market recovered and throughout the second quarter of 2020. This was likely due to increased interest in DeFi. On the other hand, interest in searching for Bitcoin fell again after halving in May 2020. At present the level of interest in searching for Bitcoin has returned to the same level as in early March.

Warning! Digital Asset Trading is a high-risk activity. Digital Asset Prices are very volatile, where prices can change significantly over time. Please use extra consideration in making the decision to buy or sell Digital Assets. Coin Crypto Asia does not force users to buy or sell Digital Assets, as investments, or for profit. All Digital Asset trading decisions are independent decisions by users.
Share To:

Support

Post A Comment:

0 comments so far,add yours