Bitcoin has been impressive since the year started. It has been used as a form of currency and as an asset to be invested in, in the case of real estate. FX Street lauded bitcoin for yet another achievement as it enjoyed a year-to-date (YTD) of over 40%. In contrast, gold hasn't performed greatly, yielding losses of around 0.4% since then.
Investors can thank an April rally which pushed bitcoin (BTC) to perform at its maximum. YTD values have pushed it beyond the reach of assets such as gold, but not just it. Oil, Nasdaq, and real estate--all 'legacy' or traditional assets--have since been outperformed by BTC. The overall value that the asset possessed were in the ranges of $5,300, up from a regular rate of $4,130.
In contrast, oil and the stock market have done decently, but not good enough. Oil had been performing to the price of one barrel going up to $63.40 from $46.30. The stocks, meanwhile, have seen Dow Jones, Nasdaq, and the S&P 500 rally ever since suffering a 'Christmas Crash'.
Today's Gazette confirmed the impressive rally of the BTC against other forms of fiat. The report showed how bitcoin values broke through the $5200 ceiling and have since stayed in that area, remaining strong and above that level to push towards the $6000 mark. The report has been hailed by BTC believers as a good sign toward the BTC's resurgence.
What helped the case of the BTC was an unusually 'weak and unstable' dollar, which had been struggling against the Euro amid worries of world events escalating. Among these events were the situation in Libya, the global warming of the planet, and the volatility of oil prices spurred on by the situation in the Middle East.
Followers of the trend are confident that the positive rise will continue. The underlying technology of Bitcoin is being explored fully, and blockchain has since been a big hit. The BTC is expected to be on course to arrive at the maximum projected value, which has been reminiscent of the surprising rise of BTC values last 2017.
In contrast to everything that has been happening, gold hasn't been at a gaining position since the start of 2019, where it even lost 0.4%. Bonds weren't impressive as well, although the stock market did enjoy a few impressive returns. The bonds have since posted 2% YTD growth.
