Bitcoin may have conquered even more space as a store of value, surpassing even the dollar.
The end of 2020 is a very iconic moment for Bitcoin, setting a new price record for where the next few years will be based or, at best, the beginning of a high to even higher levels. We are still seeing good signs of currency appreciation and the announcement of the Bitcoin Evolution Oxford vaccine approval in the UK increasing investor sentiment of greed and risk.
At a time when the market has a higher sense of risk, we can expect more and more purchases from investors looking to make profits from the currency appreciation.
While all the vaccine news helps the market, the vaccine produced in the UK has some advantages over location and distribution.
Hani Redha, a diversified portfolio manager at PineBridge, was quoted by the NewsBTC website as saying:
„This is a very important development in the global fight against the pandemic. Unlike its counterparts, the AstraZeneca-Oxford vaccine will have more doses to transfer between developing countries with relatively higher temperatures. Only the number of doses and the ease of distribution in developing countries make it very important“.
As a result, the market’s positivity towards assets with the highest exposure to risk has made investors look to Bitcoin for profits, balancing Fear and Greed even more likely to go green.
The recent Fear and Greed index shows that Bitcoin is in the area of Extreme Greed.
Dollar continues to lose and Bitcoin on the way to US$ 30,000
The US Dollar Index, which shows the relative strength of the dollar against other currencies, fell to its lowest since April 2018. This put the dollar to a low with the currency not a good reserve value.
This is an interesting fact because one of the reasons Bitcoin is so highly valued is that it could be a store of value during the crisis and the insecurity of the future (which is true). But the dollar has always shown itself to recover with news about vaccines and the possibility of an end to this health crisis while other assets were losing their breath.
This shows that Bitcoin may have conquered even more space as a store of value, surpassing even the dollar.
In the medium and long term, this is a positive sentiment for cryptomyces. With the recent increase in market entry flow, Bitcoin shows no resistance up to $30,000.