Currently, around $6,400, Bitcoin is maintaining stability while beating the stock market in continuation of last month. Though Gold surged as global markets got hit in October, this month is seeing a drop in its prices, for now, Bitcoin is yet again going steady with a few oscillations. What chance does it have now?
Bitcoin Outperforming Stock Market
Bitcoin might be down about 68 percent at the moment at $6,414 registering 24-hours gains of 0.04 percent. Ethereum (ETH) and XRP are also in the green by a small margin. The world’s leading cryptocurrency is managing the daily trading volume of $4 billion with a market cap of $111 billion.
If we take a look at the past 2 months, Bitcoin has oscillated between $6,200 and $6,900. What has been characterized as a highly volatile market has been recording the lowest volatility for the past 18 months now.
A number of positive news have made it to the market such as Nasdaq’s parent company ICE announcing the launch of Bakkt, Fidelity investment coming up with its own digital asset company, Universities like Yale investing in crypto market along with a number of other bullish news that failed to make an impact on the price of cryptocurrencies.
However, despite little movement in Bitcoin prices, it has outperformed the stock market. Today, from Europe to Asia, stocks are yet again on the decline. And with US central bank suggests plans to increase the interest rates, global stocks are taking a hit.
Last month has been a pretty bad one for the global stock market. October saw Bitcoin sliding about 3.67 percent. The price, however, moved around $6,500 only. As Bitcoin dropped down,