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Bitcoin may have taken a bit of a dip at the end of this week, but according to Ben Brown at CCN, the leading cryptocurrency is outperforming the Dow Jones Industrial Average (DJIA).

This index tracks 30 of America’s largest companies and since the beginning of 2019 it has been displaying an impressive rally, having jumped up 12 per cent. But, as Brown points out, “bitcoin has gained 44 percent since the start of the year. By contrast, the Dow has etched out 12 percent.”

Although stocks have shown an impressive rise, they still can’t match the performance by BTC. And, on Wednesday this week, BTC carved out a new 2019 high, coming within touching distance of $5,500 on the Bitstamp exchange. This marks the peak of the bull run since the start of the year.

And, if you look at individual companies on the Dow, which includes 3M, Apple, IBM, Disney, Coca-Cola and JP Morgan Chase, it is apparent that the stock price of none of these big names has outperformed Bitcoin. Cisco chalked up the biggest gains with 28% on the year-to-date. Apple is a close second with 27%, followed by IBM with 25%. Brown says, “Even in a record-breaking bull run, strong blue-chip stocks like Visa, Nike, and Intel can’t match crypto’s rise.”

He also remarks on the theory that Bitcoin is a means to diversify out of stocks when volatility hits. And, as CCN reported this week, Wall Street investors might be more inclined to treat cryptocurrencies as a “risk-on” asset, similar to stocks.

What we beginning to see the first signs that BTC is being treated as “highly correlated high-beta asset class,” as

Bitcoin and the Dow have both recorded huge, roughly correlated gains at the start of 2019.

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