Bitcoin (BTC), the largest digital asset in the market, became the best-performing asset in 2019. After bottoming in December 2018, the cryptocurrency grew over 67%.Since the beginning of the year, Bitcoin is also outperforming mainstream assets such as the Nasdaq, S&P 500, oil and gold, among others.
Bitcoin The Best Performing Asset in 2019
Bitcoin had a very positive week in at the beginning of April that allowed the digital currency to reach $5,300. This is the highest value since November 2018, when the digital currency plummetted from $6,000 to $5,000. Bitcoin started 2019 with a price of $3,760. That means that the virtual currency registered a price increase of over 40% YTD.
Oil prices have also been growing since the beginning of the current year. They have achieved a price increase of 37% since January 1st. The performance of these oil companies has also been influenced by the growing costs related to each oil barrel. Each oil barrel moved from $46 to $63 in just a few months.
Oil has fallen since 2014 and reached new lows in 2016. At the end of 2018, prices have fallen as well. Since the beginning of the year, they are growing at very fast rates. The price increase this year is related to increased demand and OPEC production cuts. Sanctions to Venezuela and Iran have also played an important role in helping oil prices grow. Nonetheless, this price increase is not enough to surpass Bitcoin performance during the same period of time.
The stock market has also been growing since the beginning of the current year. Nasdaq and the S&P 500, have also been growing and reached double-digit profits. It is worth mentioning that the performance experienced by these indices is related to the fact that on Christmas, they all fell over 10 percent due to fears of an economic slowdown around the world.
Gold, which is usually compared to Bitcoin as a store of value, has underperformed since the year started. Investors tend to buy gold so as to diversify risk and hedge against other assets. According to data based on the last 10 years, gold increases by almost 5% per year.
Bitcoin is now registering a price increase in the last 24 hours of 0.69%. Each BTC can be bought for $5,232 and it has a market capitalization of $94 billion according to CoinMarketCap.