Bitcoin is currently trading around $13,500, up 2.18% in the past 24 hours, outperforming all three major U.S. stock indices as well as gold (which is down today).
According to data by CryptoCompare, at the time of writing (20:25 UTC or 16:25 ET on October 29), Bitcoin is trading around $13,500, up 2.18% vs USD in the past 24-hour period.
Now, in case you are thinking that a 2% gain is nothing to get excited about, it is worth keeping in mind that the world is still in the grip of the COVID-19 pandemic and during the past few weeks, we have seen a continuously increasing number of daily new cases in both Europe and the U.S. Furthermore,
So, how has Bitcoin performed vs USD in the past one-month period and how have the S&P 500 and gold performed during the same period?
Well, Bitcoin has gone from a low of $10,678 on September 29 to $13,480 on October 29, i.e. it is up 26.42%.
So, what about gold? Well, the spot price for gold has gone from $1,896 per ounce to $1,866 per ounce, i.e. it has dropped 1.58% vs USD.
As for the S&P 500, today, thanks to better than the expected U.S. GDP growth in Q3, lower than estimated initial weekly U.S. jobless claims for the week ending October 24, and expectations of good earnings reports from Alphabet, Amazon, Apple, and Facebook — which all reported today after closing bell — it managed to close at 3,310.1, up 1.19% on the day and down 0.74% in the past one-month period.
Today was an interesting day because the U.S. dollar index (DXY) is currently at 93.93, up 0.56% today.
This is usually bad news for Bitcoin since there has been a high degree of negative correlation between the two since March, but not today.
Scott Melker, a crypto analyst/trader at TexasWest Capital, commented on this a short time ago:
Featured Image by “SnapLaunch” via Pixabay.com
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.
