Bitcoin Outperforming Stocks This Week
No surprise at all, Bitcoin has outperformed stocks this week and it is looking like the winning isn’t over as the price is climbing past the $22,350 point and moving higher:
Bitcoin has climbed more than 10% this week, outperforming stocks
Cryptocurrencies rose this week even as U.S. equities briefly retreated from their new year rally and a major crypto lender submitted a long awaited bankruptcy filing.
Bitcoin was last higher by about 12% for the week, according to Coin Metrics, while ether
has risen 14%.
By comparison, two of the three major stock averages were on track to post a losing week, which has been shortened for the Martin Luther King holiday. The S&P 500 and Doe Jones Industrial Average were last down 0.9% and 2.9%, respectively, for the week. The Nasdaq Composite, however, has been the outperformer. It’s up slightly for the week and has gained 5% for the year, leading the other big indexes.
Bitcoin and ether rose 2.73% and 2.15%, respectively, in the same four-day period.