The price of Bitcoin these past couple of weeks and seen tremendous growth compared to other cryptocurrencies. The flagship coin is currently hovering around $12K and less than 100% of its highest peak in 2018, while other cryptocurrencies struggle to reach half of their price peak.
Apart from being the most traded and popular coin, the recent currency devaluation in China & USA can be mentioned as one of the attributes to the price spike. Investors are always seeking for ways to retain the value of their money or probably an increase, which explains why most are taking shelter in Bitcoin.
Bitcoin has been regarded in recent years as a neutral and borderless network for storing and transferring value. In a period where most fiat currency all over the world are devaluing itself on purpose.
In attempt to bolster economic growth through rate cuts, the USA and China have recently devalued the USD and Yen respectively. This leaves investors looking for safe haven like gold, cash, government bonds and of course Bitcoin.