Bitcoin, along with most of the crypto market, has not always been a friend to the month of September.
- Bitcoin Records 0.83% MTD Rate of Return
- Gold struggles along with stocks like SPX and NDQ
- The total market value of gold currently stands at $75.086 trillion
September is historically considered a bad month for cryptocurrencies as the charts in the crypto space are always in the red almost every day.
But even with one of its worst seasons to date, Bitcoin manages to outperform other major assets like gold and stocks.
The crypto king, as tracked by CoinGecko, is trading at $18,735 and has pared its seven-day price slide to less than 1%. However, it is still looking at a significant 24-hour loss, currently nearly 7%.
Although it fell a bit, Bitcoin was able to recover enough and perform better compared to gold and US indices.
How Bitcoin beat gold and other assets
The September MTD performance of various assets provides some useful data in order to break down how the league leading crypto managed to withstand the pressure from the USD and other competing assets.
Source: Arcane Research and TradingView
As can be seen in the chart, the Dollar Strength Index (DYX) was placed higher than Bitcoin (0.83%), with returns at a rate of 4.24%.
But since the digital asset’s performance is measured relative to the USD, it follows that when the dollar outperforms all other assets, it is simultaneously being outperformed by the cryptocurrency, Arcane Research shows.
Ethereum, dubbed the “king of all altcoins” and considered Bitcoin’s main rival, was at the bottom of the performance chart with its MTD return of 10.88%.
How other assets work
The total market capitalization of gold currently stands at $75.086 trillion. However, this value was not enough to prevent an asset similar to Bitcoin from being outperformed.
The Total Crypto Cap (TCC) had an MTD rate of return of 1.77% and was behind Bitcoin (0.83) and ahead of Gold (4.24%).
The precious metal, meanwhile, was able to stay ahead of the S&P 500 (5.8%) and the NASDAQ (6%).
Ethereum (ETH) is the worst performer for the month of September, with its MTD rate of 10.86% not helping TCC’s case, according to Arcane.
Experts say all the hype about the asset price before the merger had a big impact on this month’s performance.
BTCUSD index shows Bitcoin losing grip on the $19k handle on the daily chart | Source: TradingView.com Featured image from Capacity Media, Chart: TradingView.com
