More

    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 =$8,679.5536 change ~ 0.53%

    Coin Market Cap

    $157.72 Billion

    24 Hour Volume

    $5.53 Billion

    24 Hour VWAP

    $8.67 K

    24 Hour Change

    $46.0231

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy
    AnTy
    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he 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

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,261FansLike
    2,714FollowersFollow
    4,094FollowersFollow

    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Top 20 Best Cryptocurrencies in 2020: Which Coins to Watch For This Decade

    As the new decade dawns upon the emerging digital asset economy, it's important to analyze the current cryptocurrency market landscape and find out which...

    CZ Says BNB Burns Not Priced In after 2.2 Million Binance Coin Taken Out of Circulation Forever

    Binance burns $38.8 million worth of B&B and raking in a profit of $194 million 4Q19 CEO changpeng Zhao, CZ is “mystified” that...

    Bitcoin SV Price Falls Hard After Craig Wright's Lawyer Reveals He Has No Private Keys

    BitcoinSV, (BSV)'s value took a drastic plummet by 17% yesterday evening after the news broke that Craig Wright was unable to show proof that...

    India's Supreme Court Continues To Hear Case Against RBI Cryptocurrency Ban

    The Reserve Bank of India had issued a circular in April 2018, which imposed a banking ban on crypto service providers. The circular prohibited...

    Cryptocurrencies Decentralized Structure Makes Terrorist Financing Difficult To Track: Chainalysis

    Chainalysis has released their conclusions from a study, that has helped the firm establish that extremist groups are coming up with new ways to...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.