Bitcoin Price Performance Outshines Gold and Stock Market.
Bitcoin started strong in 2020 and earned a 44% gain in less than two months, rising from a starting point of $ 7,200 in mid-February to $ 10,400. This bullish momentum in Bitcoin was cut short as it fell due to the global sales wave as a result of coronavirus concerns. Bitcoin fell to $ 4,121 on March 12 following a dramatic dump, but it improved its value and started to gain momentum until May.The cryptocurrency, which has been normally volatile since then, has entered a relatively stable period and has traveled between $ 9,000 and $ 10,000. At the current $ 9,500 price point, Bitcoin has increased by 32% since the beginning of the year.
Year to date asset performance:
+34% : #Bitcoin
+16% : Gold
+14% : US 10-year Treasury
+12% : Nasdaq
– 3% : S&P500
-35% : Crude Oil
— Cryptowatch (@cryptowat_ch) June 23, 2020
Gold witnessed similar price movements in the first half of 2020, rising from $ 1,529 on January 1 to $ 1,700 from March 17 to a strong year. However, this did not take long.
Bitcoin left behind gold
Just like all other financial markets, the spot price of gold fell in mid-March and fell to $ 1,496 before returning until mid-April. Gold is currently trading at $ 1,778 – it has reached its highest price in 2020 and its highest value since July 2011. This represents a 16% gain since the beginning of the year. Just half of the yield from Bitcoin in the same period.It’s not just gold and Bitcoin that have experienced a strong recovery since it collapsed in March. Most major markets, especially the Nasdaq Index, also perform well. However, the most popular stock indices, including Nikkei 225, Dow Jones and FTSE; Although it recovered after the fall in March, it did not experience a full rise. However, we may be facing more economic incentives to take more initiatives to keep prices alive.