Bitcoin became the best performing asset class in 2019 after a very negative year in 2018. The digital currency is currently outperforming traditional assets in different markets. Since the beginning of the current year, Bitcoin has grown almost 60%. In this way, Bitcoin was able to be the best performing asset in the market.
Bitcoin Becomes The Best Performing Asset In 2019
The Wall Street Journal has recently released a report in which it shows that 2019 was a positive year for different assets, including Bitcoin. The report shows that Bitcoin has grown almost 60% compared to the U.S. crude oil that experienced a price increase of over 35%, but far from Bitcoin’s performance.
Meanwhile, the S&P 500 index registered an increase of almost 20%, followed by Lean hogs (11%), Copper (8%), Crop. bonds (5%) and government bonds (2%). On April 2nd, Bitcoin was able to surge almost 20% in just a few hours. This allowed the digital asset to go out from a bear market that started back in January 2018.
Alex Krüger, a recognized cryptocurrency analyst and trader, explained that Bitcoin ended the bear trend once above $4,200. Additionally, he said that Bitcoin will enter a bull market as soon as it surpasses $6,400, the most traded price of 2018.
$BTC now at $5750, the 2018 low prior to the November crash.
– The 2018 bear trend ended once above $4200.
– Above $6400, 2018's most traded price, it's a bull market. pic.twitter.com/rIQI8RIPgs
— Alex Krüger (@krugermacro) May 3, 2019
Nonetheless, it is important to take into account that exchanges such as Bitfinex do not count in order to analyse Bitcoin’s price. Bitfinex has been involved in different controversies during the last days. This is something that has affected the price of Bitcoin on the exchange. Indeed, it is important to follow Bitcoin’s price on spot exchanges or Bitmex, according to Krüger.
Bitfinex is currently being investigated by U.S. regulatory agencies after it used funds to back Tether’s (USDT) peg with the US dollar to cover up $850 million in losses. Because of this reason, several users decided to sell their USDT and move to Bitcoin on Bitfinex. This is why Bitcoin is traded at a premium at Bitfinex.
At the time of writing this article, Bitcoin is being traded above $5,900 and it is getting closer to $6,000 a very important psychological level. Throughout 2018, $6,000 worked as a support for Bitcoin until the digital asset fell under that level at the end of the year. The most popular digital asset has currently a market capitalization of $104 billion.
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