{"id":559556,"date":"2023-11-08T00:00:19","date_gmt":"2023-11-08T00:00:19","guid":{"rendered":"https:\/\/wncen.com\/?p=559556"},"modified":"2024-06-11T08:10:00","modified_gmt":"2024-06-11T08:10:00","slug":"bitcoin-price-climbs-93-outshining-legacy-sector-in-market-upturn","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-price-climbs-93-outshining-legacy-sector-in-market-upturn\/","title":{"rendered":"Bitcoin Price Climbs 93% Outshining Legacy Sector In Market Upturn"},"content":{"rendered":"

While still recording some profits, the Bitcoin price shows signs of exhaustion, at least on low timeframes. When zooming out, recent data shows the massive rally experienced by cryptocurrencies over the past few months and the sector\u2019s potential for additional gains. <\/strong><\/p>\n

Related Reading: Why Ark Invest\u2019s Cathie Wood Picks Bitcoin Over Cash And Gold<\/a><\/div>\n

As of this writing, the Bitcoin price trades at $34,800 with sideways price action in the last 24 hours. Over the previous week, BTC recorded a 2% profit, while the altcoins market trends much higher, retaining more gains.<\/p>\n

\"Bitcoin
BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview<\/strong><\/a><\/figcaption><\/figure>\n

Bitcoin’s 110% Year-To-Date Leap Signals A New Era BTC?<\/h2>\n

According to a report<\/a> from Bitfinex, This year has marked a significant milestone for cryptocurrencies as Bitcoin (BTC) and Ether (ETH) have shown remarkable growth, leaving traditional assets like gold behind. Bitcoin has soared by 93% and Ethereum by 3%, indicating a solid performance correlation that has remained consistently tight.<\/p>\n

BTC, in particular, has enjoyed the spotlight with its first-mover advantage, earning the moniker of ‘digital gold’ and garnering broad institutional support.<\/p>\n

While these digital assets reach new heights, traditional stock indices such as the S&P 500 and NASDAQ are navigating through a correction phase. This contrast hints at a shifting investment landscape, with cryptocurrencies emerging as a dominant force capable of outperforming established markets, the report suggested.<\/p>\n

As seen in the chart below, data hints at the Bitcoin price outperforming other assets and Gold \u201cplaying catch up\u201d with a 0.8 correlation with the cryptocurrency.<\/p>\n

\"Bitcoin
Bitcoin price correlation with Gold and traditional assets. Source: The Block via Bitfinex Alpha<\/figcaption><\/figure>\n

Bitcoin’s price rally of over 110 percent since the start of the year signals a \u201ctransition\u201d for holders from unrealized losses to profits.<\/p>\n

Typically, such surges lead to market consolidation or sharp pullbacks. Yet, the current trend of declining Coin Days Destroyed, a metric used to gauge market activity and sentiment, suggests that long-term investors remain steadfast, the chart below shows.<\/p>\n

\"Bitcoin
Source: lookintobitcoin via Bitfinex Alpha<\/figcaption><\/figure>\n

The lack of movement in wallets containing significant Bitcoin sums further points to a bullish outlook or a defensive strategy against economic uncertainties.<\/p>\n

Amidst this crypto resilience, the Federal Reserve’s latest decision to maintain interest rates between 5.25 and 5.50 percent reflects a cautious but non-restrictive economic approach, the report claims.<\/p>\n

Crypto Stands Firm In Economic Uncertainty<\/h2>\n

Despite the Fed’s updated, confident view of the U.S. economy, the manufacturing sector experienced a downturn in October, mainly due to strikes in the automotive industry. This suggests a significant impact of labor disputes on the sector.<\/p>\n

The broader U.S. economy is feeling the effects, with a slowdown in job creation and the slowest wage growth since mid-2021, indicating a shift in labor market conditions. This data supports a continuation of the current bullish trend.<\/p>\n

Related Reading: Ethereum Bullish Revival: Will This Breakthrough Lead To A New Market Phase?<\/a><\/div>\n

However, as mentioned, traders should be looking for spikes in volatility, which could create obstacles, especially for those speculators taking leverage positions.<\/p>\n

Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"excerpt":{"rendered":"

While still recording some profits, the Bitcoin price shows signs of exhaustion, at least on low timeframes. When zooming out, recent data shows the massive rally experienced by cryptocurrencies over the past few months and the sector\u2019s potential for additional gains. Related Reading: Why Ark Invest\u2019s Cathie Wood Picks Bitcoin Over Cash And Gold As of this writing, the Bitcoin price trades at $34,800 with sideways price action in the last 24 hours. Over the previous week, BTC recorded a 2% profit, while the altcoins market trends much higher, retaining more gains. Bitcoin’s 110% Year-To-Date Leap Signals A New Era BTC? According to a report from Bitfinex, This year has marked a significant milestone for cryptocurrencies as Bitcoin (BTC) and Ether (ETH) have shown remarkable growth, leaving traditional assets like gold behind. Bitcoin has soared by 93% and Ethereum by 3%, indicating a solid performance correlation that has remained consistently tight. BTC, in particular, has enjoyed the spotlight with its first-mover advantage, earning the moniker of ‘digital gold’ and garnering broad institutional support. While these digital assets reach new heights, traditional stock indices such as the S&P 500 and NASDAQ are navigating through a correction phase. This contrast hints at a shifting investment landscape, with cryptocurrencies emerging as a dominant force capable of outperforming established markets, the report suggested. As seen in the chart below, data hints at the Bitcoin price outperforming other assets and Gold \u201cplaying catch up\u201d with a 0.8 correlation with the cryptocurrency. Bitcoin’s price rally of over 110 percent since the start of the year signals a \u201ctransition\u201d for holders from unrealized losses to profits. Typically, such surges lead to market consolidation or sharp pullbacks. Yet, the current trend of declining Coin Days Destroyed, a metric used to gauge market activity and sentiment, suggests that long-term investors remain steadfast, the chart below shows. The lack of movement in wallets containing significant Bitcoin sums further points to a bullish outlook or a defensive strategy against economic uncertainties. Amidst this crypto resilience, the Federal Reserve’s latest decision to maintain interest rates between 5.25 and 5.50 percent reflects a cautious but non-restrictive economic approach, the report claims. Crypto Stands Firm In Economic Uncertainty Despite the Fed’s updated, confident view of the U.S. economy, the manufacturing sector experienced a downturn in October, mainly due to strikes in the automotive industry. This suggests a significant impact of labor disputes on the sector. The broader U.S. economy is feeling the effects, with a slowdown in job creation and the slowest wage growth since mid-2021, indicating a shift in labor market conditions. This data supports a continuation of the current bullish trend. Related Reading: Ethereum Bullish Revival: Will This Breakthrough Lead To A New Market Phase? However, as mentioned, traders should be looking for spikes in volatility, which could create obstacles, especially for those speculators taking leverage positions. Cover image from Unsplash, chart from Tradingview<\/p>\n","protected":false},"author":535,"featured_media":559595,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[656,679,682,1119,1122,78790],"class_list":["post-559556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin-news","tag-bitcoin-price","tag-bitcoin-price-chart","tag-btc","tag-btc-price","tag-btcusdt"],"acf":[],"yoast_head":"\nBitcoin Price Climbs 93% Outshining Legacy Sector In Market Upturn<\/title>\n<meta name=\"description\" content=\"Bitcoin price data shows the rally experienced by cryptocurrencies over the past few months and the sector\u2019s potential for additional gains.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Price Climbs 93% Outshining Legacy Sector In Market Upturn","url":"http:\/\/wncen.com\/news\/bitcoin-price-climbs-93-outshining-legacy-sector-in-market-upturn\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-price-climbs-93-outshining-legacy-sector-in-market-upturn\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Bitcoin-price-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Bitcoin-price-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C480"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin news","bitcoin price","bitcoin price chart","btc","btc price","btcusdt"],"dateCreated":"2023-11-08T00:00:19Z","datePublished":"2023-11-08T00:00:19Z","dateModified":"2024-06-11T08:10:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Price Climbs 93% Outshining Legacy Sector In Market Upturn\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-climbs-93-outshining-legacy-sector-in-market-upturn\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-price-climbs-93-outshining-legacy-sector-in-market-upturn\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Bitcoin-price-BTC-BTCUSDT-BTC-Price.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/11\\\/Bitcoin-price-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C480\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin news\",\"bitcoin price\",\"bitcoin price chart\",\"btc\",\"btc price\",\"btcusdt\"],\"dateCreated\":\"2023-11-08T00:00:19Z\",\"datePublished\":\"2023-11-08T00:00:19Z\",\"dateModified\":\"2024-06-11T08:10:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/11\/Bitcoin-price-BTC-BTCUSDT-BTC-Price.jpg?fit=640%2C480","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/559556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=559556"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/559556\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/559595"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=559556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=559556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=559556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}