Bitcoin (BTC) went through another boom phase over the weekend, scaling the $7,000 level within hours. This extends the asset’s weekly gain to more than 23%, as BTC did not fulfill the prophecy of sinking back to the $4,000 level, and instead went for a more dramatic rally.
BTC once again showed that its biggest gains usually happen within days, and the most recent rally extended the yearly gains for BTC to above 70%. The leading coin has more than doubled its value since the lows in December 2018, when it sank to $3,200. This makes BTC the best-performing asset in 2019, in comparison to traditional assets such as stocks, bonds, real estate or other investments. However, BTC is also much more volatile, usually making its biggest yearly gains in a short, but dramatic rally.
What is different this time is that the BTC trading got a boost from fiat pairings with the US dollar. More than 15% of