Bitcoin has increased to IDR 400 million by the end of 2020.
Apart from Bitcoin, there are several crypto assets that recorded fantastic price increases in 2020. What are these crypto assets?
Bitcoin has increased by More than 300%
In early 2020, Bitcoin began trading at the Rp99 million level. Had lasted some time at that level.
Bitcoin experienced a deep decline of up to Rp. 64 million in March 2020. In just one night, Bitcoin increased again. Until the end of the year, it reached IDR 400 million.
The increase in Bitcoin occurred due to increased demand. People have started to believe that Bitcoin is a safe haven asset and an asset that makes for a good inflation hedge.
Bitcoin’s increase exceeded 300 percent or 4 times. If you buy Bitcoin at the beginning of the year with a multiple of Rp. 10 million, then by the end of 2020, your money will have reached Rp. 400 million.
You don’t have to worry. Because the increase in Bitcoin is predicted to be IDR 700 million in 2021. So, it’s never too late to buy Bitcoin at the end of 2020.
Ethereum was Fantastic More Than Bitcoin
Actually the price movements of Ethereum or Ether/ETH are more fantastic than Bitcoin. At the beginning of 2020, ETH was sold for only IDR 1.7 million. The increase was almost tenfold, reaching IDR 10.5 million by the end of 2020.
If Bitcoin’s increase this year reaches 4 times, the ten-fold increase in ETH has not yet returned to its highest price. Because the highest price for ETH was at IDR 18,000,000 in 2017.
Ethereum Foundation, the company that owns Ether crypto assets, continues to innovate. The Ethereum foundation provides ETH rewards to miners around the world.
The Ethereum Foundation company also has the ERC20 network which provides a network for other crypto assets. Decentralized Finance-based crypto assets were born under this network.
In 2020, Ethereum has started phase 0 of evolution to Ethereum 2.0. Ethereum is enlarging the ERC20 network to overcome bug problems and high gas fees.
The demand for ETH crypto assets will also increase. Ethereum 2.0 turns the mining scheme into staking. This is commonly referred to as changing the Proof of Work (PoW) scheme to proof of stake (PoS).
So, only by staking, people can get ETH. No more mining with expensive computer units.
Bitcoin derivatives also increase, for example Bitcoin Cash
The increase in the price of Bitcoin also causes the crypto asset price to fall. One of them is Bitcoin Cash (BCH). As of January 1, 2020, the price of Bitcoin Cash is only Rp3,016,014. The increase until the end of this year only reached 66% to the level of IDR 5,000,000.
Just like Bitcoin, Bitcoin Cash is a cryptocurrency that has its own blockchain. It works like a digital currency and new BCH (Bitcoin Cash) is created via BCH mining or BCH mining. It was created at the end of 2016, this makes it much younger than Bitcoin.
Bitcoin was forked to make Bitcoin Cash because the Bitcoin developers wanted to make some important changes to Bitcoin. The Bitcoin community developers were unable to agree on some of the changes they wanted to make.
So, this small group of developers formed a branch of Bitcoin to create a new version of the same code with some modifications.
Chainlink (LINK) DeFi Has Increased up More Than 500%
Decentralized Finance (DeFi) has been in great demand in 2020. This is one of the reasons why Chainlink has increased dramatically this year. LINK is a crypto asset used on the Chainlink platform.
The LINK price on January 1, 2020 is only IDR 23,964. Until the end of this year, the increase touched Rp160,000. The increase reached 595%.
LINK actually touched its highest price this year. The increase will exceed IDR 300 thousand in August 2020.
However, DeFi crypto assets do tend to fluctuate over a period of time. So, for those of you who have DeFi-based crypto assets, you need accurate trading tricks to get maximum profit.
Cardano (ADA) 1000%
The crypto asset with the most fantastic increase was Cardano (ADA) from the beginning of the year to the end of 2020. Just imagine, the increase was over 1000%.
The ADA price was only IDR 453 in January 2020. Until the end of 2020, the price had reached IDR 5,000. If you bought ADA at the beginning of the year with a multiple of Rp. 10 million, then currently your money is around Rp. 100 million more.
Cardano is one of the most popular Decentralized Finance (DeFi) crypto asset platforms. Unlike other DeFi, ADA tends to continue to increase from the beginning of the year to the end of 2020.
While other DeFi crypto assets often go up and down like a roller coaster. In fact, the ups and downs can be very high or deep and have a short tempo.