Bitcoin can withstand dollar dominance better than stocks, gold, etc.
Bitcoin, along with the majority of the crypto market, has not always been friends with the month of September.
- Bitcoin Records MTD Performance Rate of 0.83%
- Gold is struggling along with shares such as SPX and NDQ
- Gold’s total market capitalization is currently $75.086 trillion
Historically, September is considered bad for cryptocurrencies as charts in crypto space are always red almost every day.
But even with one of its weaker seasons so far, Bitcoin manages to outperform other prime assets such as gold and stocks.
The crypto king, according to tracking from CoinGecko, is trading at $18,735 and has cut its seven-day price slide to less than 1%. However, it is still looking at a significant 24-hour loss, currently at nearly 7%.
Although it spiraled down a bit, Bitcoin was able to do just enough recovery and outperform gold and US indices.
How Bitcoin Edged Gold and Other Assets
The September MTD performance of various assets provides some useful data to break down how the league-leading crypto managed to withstand the pressure from the USD and other competing assets.
Source: Arcane Research and TradingView
As can be seen from the chart, the Dollar Strength Index (DYX) placed higher than Bitcoin (0.83%), earning a return of 4.24%.
But because the digital asset’s performance is measured against the USD, it follows that when the dollar outperforms all other assets, it simultaneously outperforms the cryptocurrency.
Dubbed the “king of all altcoins” and considered the main rival of Bitcoin, Ethereum was at the back end of the performance chart with its 10.88% MTD performance.
How other assets are performing
The total market cap for gold is currently $75.086 trillion. However, this value was not enough to prevent it from being overtaken by an asset similar to Bitcoin.
Total Crypto Cap (TCC) had an MTD performance rate of 1.77% and placed behind Bitcoin (0.83) and ahead of gold (4.24%).
The precious metal, in turn, managed to stay ahead of the S&P 500 (5.8%) and the NASDAQ (6%).
Ethereum (ETH) is the worst performer for the month of September, with its MTD rate of 10.86% not helping the case of TCC.
Experts say all the hype about the asset’s price before the merger had a big impact on how it performed this month.
BTCUSD index shows Bitcoin losing grip on the $19k handle on the daily chart | Source: TradingView.com Featured image from Capacity Media, Chart: TradingView.com
