Sunday , November 24 2024
Home / Bitcoin (BTC) / Bitcoin Is Outdoing Most of the World’s Assets in May

Bitcoin Is Outdoing Most of the World’s Assets in May

Summary:
Bitcoin has been on a serious roll this month. It just struck the ,000 mark for the third time over the past few weeks, and it’s now trading beyond ,500.Bitcoin is the Finance World’s Head HonchoAccording to a new report, bitcoin has outperformed most other assets, including gold and stocks. This is extra special news considering gold is often considered a “safe haven” asset. In times of economic strife, gold is known to remain as it is when it comes to price, and should it ever fall, dips will be slight in comparison to where other assets will go.During the coronavirus pandemic, gold fell from about ,700 to ,300 per ounce, though at the time of writing, it has gained many of its recent losses back. Bitcoin, however, has pretty much turned all previous losses back into gains with

Topics:
Nick Marinoff considers the following as important: , , , , ,

This could be interesting, too:

Temitope Olatunji writes X Empire Unveils ‘Chill Phase’ Update: Community to Benefit from Expanded Tokenomics

Bhushan Akolkar writes Cardano Investors Continue to Be Hopeful despite 11% ADA Price Drop

Bena Ilyas writes Stablecoin Transactions Constitute 43% of Sub-Saharan Africa’s Volume

Chimamanda U. Martha writes Crypto Exchange ADEX Teams Up with Unizen to Enhance Trading Experience for Users 

Bitcoin has been on a serious roll this month. It just struck the $9,000 mark for the third time over the past few weeks, and it’s now trading beyond $9,500.

Bitcoin is the Finance World’s Head Honcho

According to a new report, bitcoin has outperformed most other assets, including gold and stocks. This is extra special news considering gold is often considered a “safe haven” asset. In times of economic strife, gold is known to remain as it is when it comes to price, and should it ever fall, dips will be slight in comparison to where other assets will go.

During the coronavirus pandemic, gold fell from about $1,700 to $1,300 per ounce, though at the time of writing, it has gained many of its recent losses back. Bitcoin, however, has pretty much turned all previous losses back into gains with its recent spike into the mid-$9,000 range.

As we all remember, the world’s number one digital asset by market cap was trading for well over $10,000 in February. Once the pandemic began taking a hit at the global economy, however, bitcoin began falling to unprecedented levels. The currency eventually hit the high $3,000 mark, though this drop was temporary. It later rose back up to $5,000, then hovered between $6,600 and $7,000 for what felt like an eternity.

A rise to the $8,000 range happened very suddenly, and bitcoin had added more than $1,000 within a 24-hour period to many crypto traders’ delight and surprise. It has since jumped even further, proving that the coin is far more resilient than anyone could have possible imagined. When one considers just how fast the currency dropped compared to how fast it rose back up again, the asset clearly has much more strength than anticipated. Within two months, bitcoin has added close to $6,000 to its price.

By comparison, stocks are again in the red, and while the markets have indeed experienced a few soft bull runs here and there, the stock arena has been relatively unstable, with the Dow Jones Industrial Average (DJIA) hovering anywhere between the low and mid-23,000 point range. The action the stock market has witnessed in recent days has been relatively mixed, with large drops immediately following large spikes. There’s virtually no way to know where the market will go from here.

Keeping the Momentum Going

Bitcoin, on the other hand, has not only been consistently spiking, but has managed to retain its current levels and lessen bearish activity. The same cannot be said for stocks, which are being hit by both sides of the spectrum – both green and the red.

This also releases bitcoin from past speculation that the asset often correlates with stocks. It is widely suggested that when stocks do well, bitcoin does well and vice versa, though at press time, this doesn’t appear to be the case.

Tags: , , ,

Leave a Reply

Your email address will not be published. Required fields are marked *