For crypto investors, 2020 was their best year ever as they earned impressive profits from investing in the world’s largest cryptocurrency, Bitcoin.
US crypto investors, according to data from Block Arabia, earned the most from Bitcoin, with their profits hitting $4.1 billion in 2020. That’s three times as high as the next country on the list, China.
US Bitcoin earnings surpass those of China, UK, and Japan combined
The last six months have been pretty dynamic for the global crypto market as Bitcoin soared to an all-time high of nearly $65,000 in April before crashing below $37,000 in May. According to CoinMarketCap, the world’s largest cryptocurrency is currently trading around $34,000.
All countries recorded their biggest realized investment gains towards the end of 2020 as Bitcoin’s price surged from $11,471 in mid-October to just over $29,000 by the end of the year. That was a lucrative time for US investors who made the majority of their gains from activity on Coinbase.
Behind the United States as the top country by Bitcoin earnings, China ranked second with $1.1 billion in investment gains, according to Chainalysis data. Now, that is surprising because China has recorded the highest raw cryptocurrency transaction in the history of cryptos.
The United States likely surged past China’s $1.1 billion due to massive inflows towards the end of 2020 that generated remarkable gains.
Japanese crypto investors ranked third on this list with $0.9 billion in Bitcoin earnings last year. The United Kingdom, Russia, and France followed with $0.8 billion and $0.6 billion, respectively.
Statistics also show that US Bitcoin earnings were 46% bigger than those of China, the United Kingdom, and Japan combined.
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Bitcoin’s market cap surged by 20% since January
The world’s biggest digital currency managed to grow its market cap compared to January figures, despite the recent crypto price crash.
Bitcoin’s price rallied over 100% in five months of 2021, helping its market cap hit $1.1 trillion at the beginning of May. However, by the end of last month, the flagship cryptocurrency fell to more than three-month lows, dropping to about $30,000 at one point.
The unexpected pullback in Bitcoin and other cryptocurrencies came as a flurry of negative headlines and catalysts, from Tesla CEO Elon Musk to a new round of regulations by the Chinese government, causing a massive hit for the entire sector.
Statistics show that Bitcoin’s market cap stood at around $650 billion last week, a 20% increase since the beginning of the year.
