Bitcoin Extends Gains for 2020 to 65 Percent

Stock markets have had quite the year in 2020 and bitcoin, which is always volatile, has also had a big year; after trading flat for months, bitcoin rose as high as $11,868 on Saturday from around $9,100 in early July, extending its gain for 2020 to 65 percent; cryptocurrencies have benefitted from the record intervention by central banks as investors have looked for returns in new asset classes; “People are trying to jump on momentum,” said Mati Greenspan, a crypto investor who publishes the Quantum Economics newsletter, to the Wall Street Journal. “The entire crypto market is a microcosm of everything happening in stocks.”; the emerging DeFi sector has also helped the asset class gain momentum, though it only accounts for about 1.5 percent of crypto’s overall market value. Wall Street Journal.