Data Shows Investors are Flocking to Bitcoin as Traditional Safe Havens Falter

Cryptocurrency investors were quite disturbed to see Bitcoin trade as a firmly risk-on asset when it closely mirrored the weakness seen by the traditional markets as investors began to understand the depth of the Coronavirus pandemic’s implications.

Bitcoin’s weakness reached a boiling point in early-March, when the poor performance seen by the S&P 500 and other benchmark indices sparked a movement that proved to be devastating for the cryptocurrency.

The firm recovery seen in the time following this selloff, however, has reignited claims that the benchmark crypto is a safe haven asset – but this time data may support that notion.

Bitcoin Begins Outperforming Traditional Safe Haven Assets

After declining to lows of $3,800 on March 12th, Bitcoin has been caught within a firm uptrend that has led it to highs of $7,800 that were set earlier this morning, with this over 100% rally marking a violent response from bulls to the recent selloff.

This rebound has elucidated some underlying…