Bitcoin grew 27 percent in the first half of 2020, outperforming precious metals such as gold, silver and platinum.
Gold has risen 16 percent over the same period, reaching its highest level in eight years in late June, according to Kevin Desk. But it has grown 11 percent less than Bitcoin.
The good performance of Bitcoin has not come as a surprise to some analysts; Especially since the correlation of large digital currencies with the stock market has increased during this period. Ryan Watkins, a Bitcoin analyst at Messari, says:
Given that stocks are currently close to their highest levels since February (before the global coronavirus spread) and in some cases even higher, Bitcoin's price hike in February is far from over. It will not be expected.
Bitcoin, gold, silver and platinum price changes in the last 6 months:
http://s13.picofile.com/file/8402210142/c.jpgAsked why he compares the return on Bitcoin to gold or other precious metals, Watkins said:
Because the most ideal for Bitcoin is gold. Like Bitcoin, gold is a scarce asset whose value is almost entirely related to its monetary system.
A recent report by Bloomberg reports that Bitcoin's volatility against gold over the past 260 days has fallen to its lowest level since the peak of 2017. Mike McGlone, senior product strategist in Bloomberg who wrote the report, says:
As bitcoin moves from a speculative asset to a cryptocurrency equivalent for gold, these fluctuations must be further reduced.However, the stability of the Bitcoin price could be temporary, with McGlone likening the current state of Bitcoin to a "resting cow" ready for big growth. He believes that squeezing the price in a low range will increase the price.
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