What crypto winter? Bitcoin starts off 2020 with a bang

Published on by Cryptoslate | Published on

Mentioned in this article
According to data from Skew Research, Bitcoin is currently off to the best start to a year since 2012.

Is 2020 gearing up to be Bitcoin's best year yet?

Bitcoin's poor performance in 2019 failed to give much hope when it comes to predictions for 2020, leaving many skeptical about what the new year will bring.

Focusing mostly on weekly or monthly charts, many fail to see the big picture of the market, especially when it comes to Bitcoin.

Bitcoin, according to Skew, is currently off to its best start to a year since 2012.

According to the data from Skew, Bitcoin showed a 10 percent return in Q1 2019.

According to Vijay Ayyar, Singapore-based head of business development at crypto exchange Luno, most people think this could be the beginning of a new uptrend for Bitcoin.

Ayyar told Bloomberg that while Bitcoin's price was slated to move up "In general," it was the launch of CME's Bitcoin options that fueled the growth.

Bakkt's surging trading volume could also be "Blamed" for Bitcoin's January 2020 surge.

Su Zhu, the CEO of Three Arrows Capital, said Bakkt's modest volume at the beginning of December 2019 was a "Trickle" that's bound to turn into a "Flood." The platform's Bitcoin cash-settled futures volume currently exceeds $100 million, which could have significantly impacted Bitcoin's surge.