- Bitcoin outperforming Gold to a large extent in terms of price and trading volume
- “Bitcoin network operating at the highest levels ever seen for several weeks” – Mati Greenspan
- Real Usage growing steadily in 2019, building the same momentum it did in 2017 – Data Light report
Recently, we reported how the leading cryptocurrency has been outperforming the precious metal which rose less than 1 percent during the ongoing US-China trade spat while Bitcoin surged over 10 percent.
Despite the interest toward risky assets being shaken, Bitcoin is thriving as in 2019, it has jumped more than 130 percent.
As crypto enthusiast Kevin Rooke shares, the trading volume of top Bitcoin exchanges surpassed $2 billion on May 26th while global gold markets clear only $1.2 billion of trades per day.
Moreover, London’s over-the-counter (OTC) gold market accounts approximately 70 percent of global exchange volume, according to the World Gold Council.
Gold is so unsexy now, that the contrarian in me thinks of buying. pic.twitter.com/RgLCz48sFe
— Tuur Demeester (@TuurDemeester) May 27, 2019
Currently, the gold price has dropped sharply around $1,277, around $8 that was seen last week. Gold continues its lethargic downtrend and is looking to be headed for $1,240 unless the market says something major shifts this pattern.
Gold is not looking attractive while the US dollar index goes higher. The strengthened greenback and firmer US stocks are putting downside pressure on the precious metal.
— Alex Krüger (@krugermacro) May 28, 2019
The US-China trade war to result in an agreement anytime soon appears to be unlikely.
Bitcoin has also taken a drop as BTC/USD trades at $8,650 with 24-hours loss of 1.35 percent, at the time of writing.
Bitcoin Network Going Stronger
Bitcoin price might have made a pullback but the network is strong and in a bull market, on its way to a new all-time high.
The current status of the network shows that we are operating the highest levels ever seen for several weeks now without any congestion, as reported by Mati Greenspan.
Bitcoin blockchain current network status…
Transactions per second: 4.36
Unconfirmed transactions: 8k
Segwit adoption: 42%
Median tx fee: $2
We're operating at the highest levels ever seen for several weeks, yet there is no congestion in the network. Scaling is working!! pic.twitter.com/zRai2FcowI
— Mati Greenspan (@MatiGreenspan) May 28, 2019
Additionally, per the DataLight’s latest report, the Real Usage is also growing steadily in 2019, building the same momentum it did in 2017 when the price was running up to its peak.
“If the pattern follows that of 2017, we may soon see a similar effect where the price soars to match Real Usage.”
Bitcoin is up over 800% in the last 10 quarters.
It would take more than 8 years to deliver the same results if you were compounding money at 30% year-over-year.
Detractors hate math, but Bitcoin continues to be the best investment of the last decade 🔥
— Pomp 🌪 (@APompliano) May 27, 2019
The world’s top cryptocurrency is not outperforming the yellow metal and stocks but also many currencies.
The ECB's stealth depreciation of the euro. Slow but unstoppable.
Proving -yet again- that currency depreciation is not a driver of competitiveness or growth. pic.twitter.com/c5LkJhl3e8
— Daniel Lacalle (@dlacalle_IA) May 27, 2019