According to the latest data from Bloqport, Bitcoin, which had a 29% increase in total revenue as of March, has been losing money for six consecutive months. The data also shows that the value of the encrypted asset has almost doubled from the closing price of $29,383 in December 2020 to the current $58,647. In this way, Bitcoin has outperformed many other assets including gold.
Institution-led bull run
As the research and analysis company’s dataThe current operation of BTC began at the beginning of the fourth quarter of 2020, and this period coincided with more and more reports of institutional investors acquiring crypto assets. As reported by Bitcoin.com News, Microstrategy and Square Inc have set off a wave of large companies and hedge funds buying cryptocurrency assets. For example, on October 7, 2020, Square Inc announced that it had converted 1% of its cash reserves (or USD 50 million at the time) into BTC. Since then, more companies including Elon Musk’s Tesla have disclosed their BTC holdings.
At the same time, as more and more institutional investors and large companies continue to disclose their BTC positions, the value of the crypto asset has skyrocketed. For example, after recording a 28% net gain in October, crypto assets rose by 43% in November and another 48% in December.
BTC’s second best run
December also saw BTC surpass its 2017/18 all-time high, just under $20,000. Similarly, BTC grew at a double-digit rate in the first three months of 2021, with the smallest increase in January.
However, according to Bloqport data, this is only the third time that Bitcoin has recorded net income for the third or six consecutive months. The same situation happened before from April to September 2012. However, this is the period when BTC recorded monthly net income for seven consecutive months from November 2012 to May 2013.
As far as the worst period of crypto assets is concerned, data shows that BTC had some not-so-excellent moments in 2011 and 2018.
Do you think the monthly net income of BTC can exceed the current record for seven consecutive months? Tell us what you think in the comments section below.
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