Bitcoin is the buzzword in the world of cryptocurrency. With so much attention devoted to it, Bitcoin never fails to amaze or shock investors. It recorded an all-time high of $65,000 (approx. Rs 48 lakh) in mid-April only to crash below $30,000 (Rs 22 lakh) in May. It had recovered to surpass the $42,000 (Rs 31 lakh) mark but was trading at $38,000 (Rs 28 lakh) on Wednesday evening. While those already invested in the world’s most popular and oldest currency see this volatility as risky, potential investors see it as an opportunity to make quick gains.
In such a situation, how does one decide when to invest in cryptocurrency? Industry experts have said that the current volatility in Bitcoin price is only short-lived and another bull run maybe around the corner. Whatever be the truth, there’s no shortcut to making money. All speculative investments demand patience and the ability to read market trends correctly.
One way of understanding Bitcoin’s ability to give returns is by seeing its performance last year. Bitcoin’s value in March 2020 was around $4,000 and by January this year, it reached over $33,000, giving a return of over 800 per cent in just eight months.
When To Invest?
Investing in an