Despite the coronavirus pandemic having inspired endless dread coupled with anticipation for a vaccine, the latest news seems to have been greeted rather coldly.
Having spent months locked down, it seems as if people across the globe have resorted to comfort on other fronts. As a result, the graph of Bitcoin remains sharp and of far more interest than Pfizer vaccine that just came along.
A very recent introduction of the potential Covid vaccine caused several stocks to rally across the world. Even the businesses most hit by the outbreak seemed to take to a more positive graph. Such a movement observed in the market allowed indices to meet a favorable fate as they showed up to a 5% rise. Major differences were also noted in the New York Stock Exchange along with Europe’s Stock Exchange.
The Decoupling of Bitcoin
On the contrary, several stocks that had not retreated due to pandemic restrictions met a different fate altogether. With the prospective vaccine enhancing the chances of us returning to normalcy in a healthier world, these stocks seemed to suffer a setback of sorts. Despite this very patterned growth and fall of stocks affected and unaffected by the pandemic, we saw the crypto world remain unaffected.
The global interest in Bitcoin Storm app only seems stronger than ever and never wavered once. Despite Bitcoin seeing the positive side of things throughout the lockdown, it didn’t invite bad news with the vaccine news pouring in. Reports suggest that Bitcoin’s growth and acceptance throughout the world have been immense during the lockdown period.
A typical performance took into consideration the traditional markets asking with their decoupling. All data sources suggest a positive growth chart for Bitcoin as it remains well over the $14,500 mark even after the hot and blazing announcement about the potential vaccine.
Bitcoin stays strong through the Vaccine News
It is important to note that Bitcoin hasn’t shown a positive graph all year long. It did crash earlier this year in collaboration with the traditional market. However, the point of dramatic interest has been it’s quick recovery and growth from that point. With several new businesses and individuals wanting to understand cryptocurrency better, the chances of Bitcoin suffering a sudden setback have all been ruled out.
Throughout the lockdown period, crypto transactions reached an all-time high. Between March and October, this wonderful cryptocurrency seems to have shown a rise of about 250%. Such a performance undoubtedly places it as a deserving contender for the best asset this year.
What’s up with Bitcoin?
We have certainly been keeping tabs on Bitcoin’s popularity and growth. However, not all of us get to examining the reasons behind the same. Major announcements by famous companies and leaders centered around Bitcoin have been the causal factor for such a positive performance. Bitcoin rally seems to have been kindled through greater investments and expectations from it.
Data also suggests that the recent US elections could have further helped the Bitcoin excitement. In fact, that is what helped it cross its 2018 high as it reached record-breaking levels this year.
In the hope of a vaccine
Pfizer’s announcement about a vaccine helped Bitcoin gain momentum as its value remained steady. While traditional market stocks either suffered or prospered, Bitcoin showed a confident and easy graph. We have noted a 14% increase with US airlines and more than a 20% increase with British Airways. Other popular names such as Airbus, Banks, and other popular car manufacturers also noted dramatic rallies.
At the same time, a lot of companies that had benefited during the lockdown period noticed a sad time for the first time in months. With entertainment and video conferencing services noting an all-time low. Amazon, Netflix, as well as other streaming services noted a drop of about 10% while Zoom noted a 15% dip. Building on this piece of information, it does seem possible that these big names might be a little disappointed stepping in into a normal world with an effective vaccine.
In no way is Bitcoin’s performance related to the events breathing in the everyday traditional market. However, establishing connections between the two to study them well is certainly a very interesting approach.
Bitcoin’s current state of existence makes it recommendable as a unique asset. The process of decoupling while pushing aside traditional markets turns cryptocurrency into the lucrative alternative it is for traders and investors alike.