Almost 10 months into 2020, Bitcoin is up about 48.7% year-to-date, outperforming gold, the NASDAQ Composite Index, the S&P 500 Index, the US 10 Year Treasury Note, the US Dollar Index and the Crude Oil WTI.
BTC started the year around $7,215 and is trading at $10,732 at time of writing, according to CoinMarketCap.
Known as “digital gold” in the crypto world, Bitcoin’s correlation with actual gold has been up and down all year, according to CoinMetrics. Amidst a volatile macroeconomic environment, the precious metal has also had a positive year, though less so than BTC.
Gold was trading around $1,540/ounce at the beginning of 2020 and is currently going for $1,861.68/ounce, according to BullionVault. That’s about a 20.8% increase.
Similarly, the NASDAQ Composite Index is up 21.63% year-to-date, MarketWatch reports. The S&P 500 is up only 2.09%.
The US Dollar Index, by contrast, is down 1.88% on the year, and crude oil is down a whopping 34.59%.
This year has also been rough on the the US 10 Year Treasury Note: The Wall Street Journal’s chart reports it was earning 1.877% yield at the beginning of 2020. It’s currently only earning 0.658% yield, a huge decrease of nearly 65%.
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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