Bitcoin outperformed gold and oil in the first half of 2020
Bitcoin, the most famous cryptocurrency, has been trapped between $ 9,000 and $ 10,000 for months now. In fact, since the halving of May 12, the digital currency, which has proved very volatile in the past, has turned out to be very stable, especially in the second quarter.
Although the first half of 2020 will mainly be remembered for the March corona crash, Bitcoin eventually turned out to outperform other safe havens such as gold, silver, platinum and oil.
Gold versus Bitcoin
The Bitcoin price rose by 27% in the first half of the year 2020, while gold climbed “only” 16%. If you consider that this happened during a stock market crash that caused the largest indexes in the world to drop as much as 40% in the month of March and caused a real panic, this is a good boost for the most famous crypto.
However, there was a so-called black Thursday for Bitcoin this year, especially on March 12, with the digital currency falling as much as 50% in one day. Since then, Bitcoin has eliminated all losses and is on a nice profit for this year.
Silver and platinum are even negative for the year, silver has a -0.45% return and platinum a return of -15.73%.
Oil also appears to be volatile
Oil, that other safe haven, faced its worst crisis since the 1970s through the corona crash and global lockdowns. At one point this year, a barrel of West Texas Intermediate oil was even quoted negatively on the New York Stock Exchange and oil traders had to pay to depots to purchase their oil, an unprecedented trend.
Meanwhile, oil is back at a safe value of $40, but still lower than the starting value of $60 in January.
Bloomberg recently predicted that due to all that lack of volatility, Bitcoin was nothing less than a bull trapped in a cage, ready to break out to higher levels. We are waiting to see whether this will be released in the second half of the year.