Bitcoin Outperforms Major Currencies & Stocks in the Last Week
Weekly Update
The global crypto market cap is up by 0.64% to $943.55B at the time of writing this article. Over the past 24 hours, the overall volume of the cryptocurrency market has decreased by 15.15% to $68.71B. In comparison to last week, the crypto market has performed on similar levels, with the market capitalization of crypto assets slightly decreasing.
DeFi’s total 24-hour volume is $3.71B, or 5.41% of the overall crypto market volume. All Stablecoin volume is currently $63.04B, or 91.75% of the 24-hour volume of the whole crypto market.
Bitcoin was trading at about $19,444.40 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 39.50%, an increase of 0.09% from the previous day.
This week’s market has been more stable, with only minor movements on both sides. In a volatile market, minor corrections are healthy, and they frequently result in the asset reaching a new all-time high. While we are in a bear market, it is worth noting that there are benefits to being in a bear market as an investor, particularly with crypto assets.
BTC & ETH Outperform S&P 500 and Major Currencies
According to TradingView data, major cryptocurrencies have outperformed stock market indices. On a seven-day basis, the tech-heavy Nasdaq and the S&P 500 Index have lost more than 4%. Meanwhile, Bitcoin (BTC) and Ethereum (ETH) have recovered 2% and 4%, respectively, over the same time period.
The British pound has dropped over 5% in the last week and is approaching parity with the US dollar. Other major currencies have also suffered, with China’s yuan falling against the US dollar. Even though Bitcoin has been marketed as a hedge against inflation, its connection to US markets demonstrates its growing influence on traditional finance, as seen in the reasons behind the crypto crash. This week has been favorable for crypto traders, as they were not affected in the same way that traditional investors were, with Bitcoin and other cryptocurrencies experiencing a more positive movement.
