Bitcoin Outperforming Gold for the Past 9 Years Straight

For the first time since July, BTC beats the yellow metal in October.

  • In the short term, attention is not on Gold

Bitcoin is up over 140% in 2019 YTD while it trades around $9,200. Bitcoin had its longest winning streak since August 2017 when it scored gains for five straight months, from February to June.

However, for three months straight, from July to Sept. Bitcoin was in the red while the yellow metal was either positive or registering fewer losses than that of BTC.

Now, the digital gold has finally beaten gold in returns for the first time since June as BTC registers more than 10% gains in October compared to 2.74% recorded by gold.

After correcting in October, which market commentators believe to be the bottom of the Bitcoin’s 162% rally in Q2, positive news from China has the flagship cryptocurrency turn green.

Meanwhile, gold has fallen on the progress in talks between the US and China regarding the 16-month long trade war. Also, the jobs data came stronger than estimated for October.

As global investors’ appetite for riskier assets gets a boost, gold prices slipped.

In the short term, Attention is not on Gold

The world’s leading cryptocurrency actually has been outperforming the bullion for the last nine years.

In early 2011, the gold price was at $1,373 and today it is around $1,512, seeing a surge of just 10 percent in the past 9 years.

Even if take a look at its all-time high at $1,889 in August 2011 from the low of $253 in 1999, in those 12 years gold only recorded a growth of 646.6%. On the other hand, Bitcoin which was around $1 in the Q1 of 2011, is now up over 899,900%.

To get a better understanding of the gains this year, Crypto Compare’s Gold and Bitcoin Index 2019’s portfolio diversification in both the assets provides a clearer picture.

Source: CryptoCompare

“In the short term, market sentiment is too good for investors to pay attention to gold,” Margaret Yang Yan, a market analyst at CMC Markets told Reuters.

Meanwhile, as we reported, Bitcoin has several technical and fundamental factors working in its favor and is bullish going into 2020.

Bitcoin (BTC) Live Price

1 BTC/USD =$9,267.4665 change ~ 0.62%

Coin Market Cap

$170.8 Billion

24 Hour Volume

$2.42 Billion

24 Hour VWAP

$9.25 K

24 Hour Change

$57.7935

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AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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