- Jul 29, 2021
Bitcoin has been going steady at around $6,400, maintaining the stability it has been boasting of since October; while also beating the stock market. With global markets taking a hit in October, Gold surged; but it is seeing a decline in prices at present.
Bitcoin might be down about 68% at the moment at $6,414, registering 24-hours gains of 0.04 percent; it is nevertheless managing a daily trading volume of $4 billion; with a market cap of $111 billion. Apart from Bitcoin; Ethereum (ETH) and XRP also seem to be in the green by a small margin.
In the last two months, Bitcoin has oscillated between $6,200 and $6,900; and, in spite of being dubbed a highly volatile market, it has maintained the least volatility over the last 18 months.
While it was expected that massive news like Nasdaq’s parent company ICE announcement of the launch of Bakkt, Fidelity investment coming up with its own digital asset company. Universities like Yale is investing in the crypto market would reflect their effect on the price of cryptocurrencies; they have failed to make an impact on the same.
Despite the comparative stability of Bitcoin prices, Bitcoin has nevertheless out-performed the stock market; with stocks declining once again today, across Europe and Asia. And with US central bank suggesting plans to increase the interest rates, global stocks are taking a hit.
Last month was a pretty bad one for the global stock market and Bitcoin slid about 3.67 percent in October. The price, however, continued to vacillate around $6,500. While Bitcoin dropped down, altcoins fell harder, leading to the crypto market as a whole seeing a bigger rout of about 8.39 percent.
Meanwhile, the S&P 500 Index lost 7.28 percent of its value; Oil prices are pushing into bear territory with a negative growth, and crude oil WTI crossed the margin to red by 13.27 percent; while the US 10 year bond market surged by 2.24 percent.
The US and China trade war may be cited as one of the reasons behind the stock market drop. But the primary reason remains that the economy and the stock market cannot handle its long-running success, and its stop and crash are imminent.
Turning towards Gold, which has been acting as the hedge against these adversaries; it had been predicted that it may rise as the traditional market registers rough times and it did, and the yellow metal’s prices went from $1,189 to about $1220 by the end of last month. Be that as it may, Gold has been somewhat on a constant decline during November, with its prices now resting at $1,209.
For its part, unlike the first time when the stock market crashed and bitcoin prices also slumped, Bitcoin has managed to stay in the safe zone; and although Bitcoin did not manage to rise during the onslaught on the traditional market as quite as well as gold did, it’s maintaining its own stability is a step in the right direction.