Bitcoin

As the <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">cryptocurrency market</a> continues to demonstrate strength amid the widespread <a href="https://finbold.com/guides/finance/" rel="noopener noreferrer nofollow">financial</a> crisis that has already toppled several <a href="https://finbold.com/guides/banking/" rel="noopener noreferrer nofollow">banking</a> giants, Bitcoin (<a href="https://finbold.com/cryptocurrency/bitcoin/" rel="noopener noreferrer nofollow">BTC</a>) has surpassed the key $28,000 price level, in turn outperforming <a href="https://finbold.com/guide/what-are-commodities/" rel="noopener noreferrer nofollow">commodities</a> in recent months.Indeed, senior commodity strategist at Bloomberg, Mike McGlone, <a href="https://twitter.com/mikemcglone11/status/1638196825109700609" rel="noopener noreferrer nofollow">shared</a> his analysis of the flagship decentralized finance (<a href="https://finbold.com/guide/liquidity-mining-definition/" rel="noopener noreferrer nofollow">DeFi</a>) asset’s performance in 2023, which suggests that <a href="https://finbold.com/topic/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> has outperformed <a href="https://finbold.com/topic/gold/" rel="noopener noreferrer nofollow">gold</a>, “the top-performing old-guard commodity,” almost 10-fold, as he explained on March 21.<h2 id="header-0">‘Super cycle’ in progress?</h2><img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/30ba585f1e81432caddd7a034f2380f0.png" />Elongated upward trajectory of Bitcoin vs. commodities. Source: <a href="https://twitter.com/mikemcglone11/status/1638196825109700609" rel="noopener noreferrer nofollow">Mike McGlone</a>As the strategist highlighted, the above graphic was “typical compared with most assets,” but what is “unique relative to commodities is the 260-day volatility of Bitcoin bottoming from a new low.” According to him, “if past trends hold, the crypto’s volatility is more likely to recover vs. commodities when Bitcoin heads toward new highs.”On top of that, the commodities expert noted that the current crisis in traditional <a href="https://finbold.com/category/finance-news/" rel="noopener noreferrer nofollow">finance</a> could be helping Bitcoin and <a href="https://finbold.com/guide/stablecoins/" rel="noopener noreferrer nofollow">stablecoins</a> to come out as a suitable alternative thanks to their advantages as opposed to <a href="https://finbold.com/category/banking-news/" rel="noopener noreferrer nofollow">banks</a>:<blockquote>“The banking crisis and issues with fractional reserves may be shining a light on the attributes of Bitcoin and crypto dollars fully backed by [Treasury bills (T-bills)].”</blockquote><h2 id="header-1">Bitcoin price advances</h2>Meanwhile, things are looking good for the largest digital asset by market capitalization as, at press time, it was changing hands at the price of $28,148, which represents an increase of 1.67% on the day, 13.21% across the past week, as well as 17.38% over the previous 30 days, as charts indicate.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/2cf5a255794d476e8930e0899ce647df.png" />Bitcoin 7-day price chart. Source: <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="noopener noreferrer nofollow">CoinMarketCap</a>Furthermore, Bitcoin has added <a href="https://finbold.com/100-billion-leaves-5-largest-u-s-banks-market-cap-in-2023-as-bitcoin-adds-200-billion/" rel="noopener noreferrer nofollow">over $200 billion</a> to its market cap in 2023 alone, while five leading banks in the United States lost an aggregated $108.92 billion during the same period, whereas the crypto ‘Fear &amp; Greed’ index hit a <a href="https://finbold.com/bitcoin-fear-greed-index-hits-16-month-high-as-btc-regains-28k/" rel="noopener noreferrer nofollow">16-month high</a>, indicating high purchase interest, as <a href="https://finbold.com/" rel="noopener noreferrer nofollow">Finbold</a> reported on March 21.Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.Read More Cryptocurrency news on <a href="https://finbold.com/category/cryptocurrency-news/" rel="noopener noreferrer nofollow">Finbold.com</a>.

Bitcoin outperforms commodities in 2023 suggesting BTC ‘super cycle’ is on

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