The price surge experienced by Bitcoin earlier this month seems to be just the beginning of significant advancements for the asset. For the first time in quite a few months, Bitcoin successfully reached and surpassed the $5,000 price level and continues to perform impressively, consistently trading in green.
Now, Analyst and investor, Charlie Bilello has revealed that Bitcoin has outdone oil to become the best-performing asset in the entire global market in 2019. According to Charlie, Bitcoin climbed 39% only slightly beating oil which climbed 38%.
Bitcoin $BTC: +39%
Oil $USO: +38%
Nasdaq 100 $QQQ: +22%
S&P 500 $SPY: +17%
Small Caps $IWM: +17%
MLPs $AMLP: +16%
REITs $VNQ: +15%
EM $EEM: +14%
EAFE $EFA: +13%
Commodities $DBC: +12%
High Yield $HYG: +8%
Investment Grade $LQD: +6%
Bonds $AGG: +2%
Gold $GLD: -1%
— Charlie Bilello (@charliebilello) April 19, 2019
According to this list of all the 15 items, 14 of them gained at different rates which somewhat feeds the assumption that the global market is not in a bad place. The only drop is Gold which fell by 1%.
Even though the difference in percentage between Bitcoin and Oil is only 1%, it shows that Bitcoin is on an interesting trajectory and might perform considerably better in the near future.
Effects on the Crypto Market
Every time there’s a bump that pushes Bitcoin a little higher, the effect on the entire crypto market is almost palpable. At the moment, Bitcoin is priced at over $5,300 and has risen at least 30% in about a month.
This progress that has been recorded since the price surge has also been felt by pretty much all the other altcoins. The Binance token (BNB) is another worthy mention which has experienced a 322% increase against the U.S Dollar this year alone and now, BNB has successfully beat its own previous all-time high. The significant increase in the value of some of these assets has added an estimated $70 billion dollars to the market.
Ever since the surge, there have been quite a few predictions that see Bitcoin surpassing its previous all-time high of almost $20,000 and even doing more. One particular prediction put a $50,000 price on the crypto before the year runs out.
Whether or not that is ridiculous is yet to be seen as there’s still a long time before the year is over. However, it wouldn’t be crazy to say that Bitcoin will not only continue to rise but might stay on the global best-performing assets list for some time.