As the market enters another Bitcoin era, today we look at how $BTC is doing during times of the pandemic. From year to date, Bitcoin has outperformed traditional assets. Is this surprising or not?
Let’s say you bought $100 of Bitcoin on 01/01/20. It would have grown to $190 on 10/28/20. 🙌 If you placed your $100 in the Nasdaq 100 or the Dollar Index, your balance would be $133 and $96, respectively.
[See how $BTC compares to assets like commodities and equities](https://preview.redd.it/ssvvwwvzqww51.png?width=1658&format=png&auto=webp&s=64d7e39ec6c2a74fe014b9de3e03e5485c3e5177)
The orange line indicates BTC performance, which dropped to heart-palpitating lows when COVID19 spread in the US, but reached a new record for 2020, at the end of October
At the start of 2020, BTC strongly correlated with commodities, but broke away in October — potentially from a risk-aversion to traditional markets due to a surge in COVID cases and political environments.
Also, Bitcoin showed significant correlation with the equity markets in Q1, mostly because all markets sold off in a flight to liquidity. However, once financial stimulus packages were announced, asset prices recovered rapidly.
[You can do it, Billy](https://preview.redd.it/6knzf1oarww51.png?width=681&format=png&auto=webp&s=6f1ecfd78dfcb1a492f4b776c22bb4d632461f49)
As shown here, BTC’s correlations with gold and silver dropped drastically after the PayPal crypto announcement.
For the full coronavirus Bitcoin report, head over to: