RATE Group | Bitcoin Continues Grinding Higher as Stocks, Gold Levels Off
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Bitcoin Continues Grinding Higher as Stocks, Gold Levels Off

07 May Bitcoin Continues Grinding Higher as Stocks, Gold Levels Off

Posted at 11:42h in Bitcoin News by

Bitcoin Continues Grinding Higher as Stocks, Gold Levels Off 101
Source: Adobe/xartproduction

With the halving now several days away, bitcoin (BTC) has continued to grind higher in the market in recent days, despite a weaker overall crypto market and a levelling off in the price of both gold and US stocks.

The outperformance of the number one digital asset has been particularly strong after the COVID-19 panic hit the financial markets with full force in March, sending nearly all assets – including bitcoin and gold – sharply lower. Following the crash, however, bitcoin has seen a strong recovery in the market, possibly helped by investors positioning themselves for the upcoming halving in mining rewards that is expected to occur on May 11-12.

Bitcoin Continues Grinding Higher as Stocks, Gold Levels Off 102
Year-to-date performance of bitcoin (red line) versus gold (blue line) and the S&P 500 stock index (green line). Source: www.tradingview.com

The recently strong performance of bitcoin compared to other risk assets also caught the eye of Quantum Economics founder and former eToro senior analyst Mati…

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