Bitcoin is currently performing better than traditional currencies – BeinCrypto

Bitcoin again and again shows an unstable market. Still, it would be far more resilient than most official currencies.

Bitcoin resists the dollar god

Since June, Bitcoin has been characterized by its zigzag course, arousing alternately fear and hope. The first cryptocurrency has been clinging to $19,000 for several weeks, throwing most predictions about it into question. As for the holders who expected the coin to finally hit $100,000, they are still waiting for their time.

Still, the BTC market might not be as bad as expected. According Fortune, the little orange coin would even perform better against the dollar than most traditional currencies. While the euro or the yuan would have lost 3.5% and 2.2% respectively against the American currency, Bitcoin would continue to resist. The token would have even gained 6.3% despite the relentlessness of American justice on cryptocurrencies.

Source: performance of BTC against the dollar according to Fortune

Contrary to what some might think, this performance of Bitcoin is not due to a lack of price volatility. On the contrary, the latest crash of the coin shows that the charts are still far from stable. The apparent superiority of BTC against the dollar is therefore linked to external economic elements. While inflation and recession seem to be the watchwords for most countries, the rise in interest rates in the United States continues to consolidate the dollar. A move that other central banks seem to be avoiding, forcing their currency to bow temporarily. Since crypto is not subject to any such body, it is theoretically free to evolve as it pleases.

However, the crypto remains sensitive to the feelings of its holders

Would this endorsement of Bitcoin on the dollar be temporary? Some indicators seem to suggest so. According BFM Crypto, the fear of forthcoming announcements concerning a tightening of monetary policies in the United States persists. BTC has often been subject to FED announcements, with an eminently bearish price approaching speeches.

Cryptocurrencies nevertheless benefited froma very short drop yesterday. The phenomenon turned out to be temporary but will have stabilized the price of BTC. Indeed, after a steep descent, it seems to evolve horizontally.

bitcoin course
Source: BTC price according to CoinMarketCap

However, the coin has during its ascent still not passed the $20,000 threshold. It is therefore impossible to define whether the trend will be confirmed or if it will see the token fall to $15,000. The sector as a whole could therefore have to wait for a positive return from the Fed before seeing an initial improvement.

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Bitcoin is currently performing better than traditional currencies – BeinCrypto


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