Bitcoin off to slow start in 2020 as privacy coins impress
Over the past 3 days, Bitcoin has witnessed a surge of 12.3 percent, a development that took its price valuation above the $8000 mark. However, the first week of January was found to be more bullish for altcoins, than the king coin.
According to Coinmetrics, major altcoins like Ethereum, XRP, and Litecoin registered negligible growth and slumps, but Bitcoin Cash managed a 5 percent hike. Privacy altcoins were the star performers of the first week of 2020 after it was observed that Monero registered a 15 percent hike, followed by Dash’s 14 percent spike over the week. Zcash performed reasonably well too, recording a growth of 5 percent over the week on the charts.
Other assets such as Ethereum Classic were up by 4 percent too, with its impending Agartha hardfork on the horizon and scheduled for 15 January.
That being said, the collective digital assets market had a relatively neutral week with respect to returns, as the Bletchley Index highlighted a mild response within the market.
Bitcoin registered the most favorable Bletchley Index returns for 2019, with a return of over 80 percent over the course of 12 months. Ethereum failed to attain a positive outlook, but the Bletchley Index 10 aggregated a 40 percent pump.
In comparison, Bitcoin started 2020 on a relatively quiet note after it dropped down briefly. Contrary to the king coin’s movements, however, Ethereum performed better over the same period of time.
Interestingly, weekly returns in terms of returns denominated in BTC registered a hike for Ethereum, Bletchley Index 10, Bletchley Index 20, Bletchley Index 40, and total Bletchley Index returns.
The Bletchley Index for Bitcoin should register growth over the next 7 days as the aforementioned hike would play a part in the overall weekly returns for the 2nd week of January. At press time, Bitcoin was valued at $8,336, with a positive turnaround of over 5 percent in the last 24 hours.