Digital assets and cryptocurrency will consolidate their record-breaking performance in 2021.
Chief Executive Officer, Eagle Global Markets (EGM), Gbite Oduneye, in his yearly review, said that while 2020 was a difficult time for businesses across many industries, it brought great upswing to digital assets and crypto-based companies, which grew in popularity last year.
According to him, not only did Bitcoin surge past its previous all-time high of $19,783.21 to a new high of $28,600 and climbing, Ethereum, the second-largest digital asset by market cap, launched its Ethereum 2.0 protocol, which hosts the trading activity for most of over 6000 digital tokens in existence.
He however noted that in spite of these advancements, there were lingering impediments, especially concerning security and regulation.
“As we enter the administration transition in 2021, critical appointments to prominent roles in agencies such as the Securities and Exchange Commission (SEC) will impact digital assets and Cryptocurrency. Most analysts however believe that the only way is up for the world of crypto,” Oduneye said.
He noted that the EGM provides opportunities to traders in all kinds of Cryptocurrency CFDs-Bitcoin, Ethereum, Litecoin and Ripple on its state-of-the-art MetaTrader 4 platform.
“From a financial point of view, there’s been ups and downs. Markets fell fast, the fastest fall in the stock market history since the Great Depression of 1929 all thanks to COVID-19 and the crash it sparked off in February that continued on through April. However, 2020 also brought along unprecedented surplus programs and monetary injections into the global economy that sent some assets to their all-time highs,” Oduneye said.
On January 2nd, 2020 gold prices were $1528.95 and by August 5th prices had broken past the $2000 barrier, the S&P 500 has surged almost 65 per cent since its March low and is on track to finish the year up nearly 14 per cent, Bitcoin also broke its all-time-high and almost quadruped in value.
He noted that because of the extreme volatility the markets, it had been a wonderful year for EGM especially since the lockdowns encouraged a spike in investment interest and new traders, resulting in a surge in trading activity globally.
“We recorded a 40 per cent increase in trading volume and revenue breaking our all-time record. This is mostly thanks to our vast experience in the industry and most importantly, our objective to always bring optimal value to our traders through the smart combination of cutting edge technology and a deep-set interest in their financial freedom,” Oduneye said.
He pointed out that as part of the company’s corporate social responsibility, and in an effort to make a positive impact during the COVID-19 pandemic, EGM partnered with its friends at Kuda Bank and Lagos Food Bank to assist in feeding citizens of Lagos who were going through hardship in these difficult times.
“We reached out to every trader on our platform to chip in and this, combined with a portion of their profits from every trade that was made on their platform, was sufficient enough to put a wide smile on many faces. We are always looking for ways to connect with the community and present a united front of hope, generosity and compassion,” Oduneye said.
