Bitcoin Outperforms Gold, Crude Oil; Bitcoin Bull Run Ahead?

Bitcoin News: Bitcoin (BTC), the world’s largest cryptocurrency is riding the relief rally since the beginning of 2023. BTC turned out to be the biggest gainer among major commodities like Crude Oil (WTI) and Gold (XAU) over the past 90 days. However, this surge came in when the global Bank shares witnessed a major sell off.

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Bitcoin Price Up By 15% In Last 90 Days

Bitcoin entered the year 2023 trading at an average price of $16,547. Countering the heavy selling pressure in the global financial markets, BTC went on to breach the $30k price level on April 15, 2023. The crucial $30k price level was last attained by Bitcoin on June 9, 2023.

As per Glassnode Report, Crude Oil (WTI) price declined by 4% over the last 90 days. It is trading at an average price of $70.30, at the press time. However, precious metals Gold and Silver price recorded a surge of 7.5% and 12.7%, respectively.

The world’s largest crypto, Bitcoin price surged by around 15% in the same period outperforming the other major commodities. Bitcoin is trading at an average price of $27,844, at the press time. Its 24 hour trading volume stands at around $13.61 billion. Read More Bitcoin News Hers…

Crypto Market Stuck In Correction Period?

Glassnode Alert data depicts that Bitcoin’s number of non-zero addresses attained its all time high (ATH) of 47.24 million on May 30. 2023. While the number of addresses holding over 0.01 BTC reached an ATH of 12.02 million on the same day. It added that BTC’s number of exchange deposits (7d MA) registered a 3 year low of 1.76 million. This suggests that investors are preferring BTC over other commodities.

However, Bitcoin price registered a decline of more than 5% over the past 30 days. Data suggests that the market is experiencing a correction. It highlighted the market is dealing with low volatility and a narrow trading range. It is expected that equilibrium might get disturbed ahead.