Bitcoin Withstands Dollar Dominance Better Than Equities, Gold, Etc.
Bitcoin, along with the majority of the crypto market, hasn’t always been friends with the month of September.
- Bitcoin records MTD performance rate of 0.83%
- Gold struggles along with equities such as SPX and NDQ
- Gold’s total market value currently stands at $75.086 trillion
Historically, September is considered to be a bad one for cryptocurrencies as charts in crypto space are always in red almost every day.
But, even with one of its worse seasons so far, Bitcoin manages to outperform other prime assets like gold and equities.
The crypto king, according to tracking from CoinGecko, is trading at $18,735 and has trimmed its seven-day price drop to less than 1%. However, it is still staring at a significant 24-hour loss, currently at nearly 7%.
Although it spiraled down a bit, Bitcoin was able to make just enough recovery and have a better performance compared to gold and U.S. indexes.
How Bitcoin Edged Gold And Other Assets
The September MTD performance of various assets provides some helpful data in order to break down how the league-leading crypto managed to withstand pressure from the USD and other competing assets.
Source: Arcane Research and TradingView
As can be seen from the chart, the Dollar Strength Index (DYX) placed higher than the Bitcoin (0.83%), seeing returns at a rate of 4.24%.
But because the digital asset’s performance is measured against the USD, it follows that when the dollar outperforms all other assets, it is simultaneously being outperformed by the cryptocurrency.
Ethereum, dubbed as “king of all altcoins,” and considered as the main rival of Bitcoin, was at the tail end of the performance chart with its 10.88% MTD performance.
How Other Assets Are Performing
The total market cap of gold currently stands at $75.086 trillion. However, that value wasn’t enough to keep it from being surpassed an asset akin to Bitcoin.
The Total Crypto Cap (TCC) had an MTD performance rate of 1.77% and placed behind Bitcoin (0.83) and ahead of gold (4.24%).
The precious metal, for its part, was able to stay in front of S&P 500 (5.8%) and NASDAQ (6%).
Ethereum (ETH) is the worst performer for the month of September, with its MTD rate of 10.86% was not of any help for the case of TCC.
Experts say that all the hype about the asset’s price before the Merge happened had a big impact on how it performed for this month.
BTCUSD index shows Bitcoin losing grip on the $19k handle on the daily chart | Source: TradingView.com Featured image from Capacity Media, Chart: TradingView.com