Bitcoin claims a new 2019 high since investors that did not generate any returns in 2019 are looking into buying the largest cryptocurrency. We take a closer look into the price analysis in the coming altcoin news below.
Over the weekend, btc reached a new high to nearly $9,400 and the other assets were having trouble following it. The gains across the stock market and commodities are pale in comparison to Bitcoin so the investors are now sorry for not investing in the crypto. There is also no explanation of what fuels the price of the number one cryptocurrency despite the many claims that this could be a consequence because of the U.S.-China trade war or Facebook’s new stablecoin.
The Wall Street Journal explained the disparity in returns saying that BTC is up by 150% year-to-date but the broader stock market is far behind. Bitcoin’s gains seem to be taking the market share away from the precious metal-gold and as previously reported, even the most stubborn gold supporters turned bearish on this commodity in 2019 while bitcoin continues to shine with no signs of ever slowing down.
One of the people that shook things up for gold is the CEO of Digital Currency Group Barry Silbert. His company is behind the #dropgold campaign and it seems that there couldn’t have been a worse time for this precious metal. Digital currency group’s bitcoin trust reached a value of $2 billion which Silbert says this was roughly the size of Bitcoin’s value in 2014. He noted:
“The asset class is here to stay…I think it’s now being looked at potentially as an important part of a diversified portfolio…I think the asset class is really ready for the next phase.”
Silbert also pointed out to the crypto industry that its infrastructure including the ‘’institutional grade custody solutions trading software’’ is one big sign for the maturing of the ecosystem. There are multiple catalysts that show how big the demand from institutional investors is but not one includes geopolitical tensions between the US and China. Bitcoin claims still the position that it holds as one of the best-performing assets. As noted in the latest cryptocurrency news, Anthony Pompliano noted:
“In May, BTC had a nearly perfect negative correlation with the S&P 500.”
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