Bitcoin Outperforms Major Commodities Over Last 90 Days: Glassnode

Glassnode revealed that Bitcoin has emerged as the strongest performing asset as compared to other major commodities.

Over the last 90-days, Crude Oil (WTI) declined -4.0%, whilst Gold (XAU) and Silver (XAG) have rallied 7.5% and 12.7%, respectively. #Bitcoin however, continues to outperform, remaining 14.5% above the February close. #Bitcoin performance is weaker than the peak first quarter… pic.twitter.com/Gj1cbJa6Wy

— glassnode (@glassnode) May 30, 2023

According to data from Glassnode, a prominent market intelligence firm, recent trends in the financial markets show mixed performance across various assets. Over the last 90 days, crude oil (WTI) has experienced a decline of 4.0%. In contrast, gold (XAU) and silver (XAG) have shown positive momentum, with gains of 7.5% and 12.7%, respectively, during the same period.

Interestingly, Glassnode stated that Bitcoin (BTC) has continued to outperform other assets, remaining 14.5% above its February closing price. However, it is worth noting that BTC’s performance has been relatively weaker compared to its peak in the first quarter, where it achieved a remarkable 72% growth.

Cryptocurrencies continue outperforming commodities in 2023

Additionally, the data suggests that cryptocurrencies will continue to outperform commodities in 2023. Glassnode data states that all crypto assets, including Bitcoin, are undergoing a significant correction after their recovery from the bear market of 2022. However, according to Glassnode, Bitcoin investors are currently experiencing a state of equilibrium, with neither bullish nor bearish sentiment dominating the market.

However, Glassnode data stated that the recent period has been characterized by low volatility and narrow trading ranges, indicating that this equilibrium may soon be disrupted. As a response to this anticipated change, there has been a slight increase in spending by long-term holders of Bitcoin.

The cryptocurrency market has been going through a rollercoaster ride recently. Bitcoin, which touched $28,044 in the last 24 hours, has fallen to a low of $27,019. According to CoinMarketCap data, BTC is trading at $27,912, with a 2.2% drop in value over the last 24 hours. The global crypto market cap is down by 1.73% in the last 24 hours and stands at $1.14 trillion at press time.

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