The largest digital currency in the first six months of 2020 has shown very good results in comparison with the Nasdaq and S&P 500.
The market in the first quarter has been largely positive outcome. The situation changed dramatically on March 12, when after the collapse of the stock indicators have been a fall in the value of cryptocurrencies, including bitcoin.
BTC after the so-called “Black Thursday” fell to an annual minimum. However, in annual terms for the first six months of this year, bitcoin has increased in price by 27%. Over this period of time, Nasdaq up 15%.
The activity index of high-tech sector has not only recovered after the March collapse, but also set a new record for the first half.
The S&P 500 index fared worse, what with Nasdaq. This indicator for the first half decreased by 4%.
Recently, analysts at Citigroup predicted that the S&P 500 will soon fall below 3,000 points. If you consider the fact that bitcoin is correlated with this indicator, we can assume that after his fall, we are waiting for the weakening of the currency.
Much better performance of the BTC indicates that more and more investors see cryptocurrency as a form of hedging risks associated with increasing inflation.