Bitcoin beats oil and stocks to become 2019's best performing asset

11 May, 2019
by Richard Allen
Bitcoin
Bitcoin beats oil and stocks to become 2019's best performing asset

While Bitcoin may not have started the year on the highest note, trading at around $3,700 on January 1, those who were brave enough to long the asset are now being handsomely rewarded as Bitcoin has become 2019’s best-performing asset globally, CCN reports.

At the time of writing Bitcoin is up by around 88% year-to-date. Coming in at second is Oil (USOIL) which is up by 38.35%. Other assets to have shown notable growth this year include the Nasdaq 100 (through the QQQ ETF) which is up 22.25%. Small caps (through the IWM ETF) is up by 18.17%, and the S&P 500 (through the SPY ETF) is up by 16.54%. By comparison, gold, which is widely considered one of the safer stores of value, slipped 0.12%.

Bitcoin’s phenomenal pice movement comes at a time when global markets are in a period of uncertainty, which has been further heightened by China’s threat to retaliate against Trump’s significant tariff hike. Permabull Tom Lee took to Twitter yesterday to show that Bitcoin remains unaffected by these developments.

While Bitcoin hadn’t flinched at the decline of the global market, technical analyst Alex Kruger noticed that Bitcoin doesn’t seem to be too concerned about bad news in the crypto sphere either. Despite the string of negative developments that’s characterized the market lately, Bitcoin has trudged on regardless.

BTC/USD chart provided by Tradingview

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