After a 42% rise during the second quarter of 2020, Bitcoin's closing price of $ 9,140 was the third highest position the asset has seen at the end of a quarter, only after the second quarter of 2019 and the fourth quarter. 2017. On an annual scale, BTC is also outperforming the S&P 500, WTI, Gold, and the US Dollar.
Bitcoin rises in the second quarter of 2020
The end of June marked the close of the second quarter of 2020. As such, the popular cryptocurrency monitoring company Skew explored various aspects of Bitcoin's performance during that period.
After the negative first quarter of this year, in which cryptocurrency # 1 lost 10% of its value, despite falling 50% in mid-March, the asset has shown massive gains of over 42% in the second trimester.
Therefore, the second quarter is still Bitcoin's favorite annual quarter. As reported Previously, the largest cryptocurrency has marked gains in almost every Q2 since 2014. The only exception occurred during the 2018 bear market when BTC lost 6.7% of its value in the second quarter.
The 42.23% increase means in USD terms that Bitcoin has increased from $ 6,420 at the end of the first quarter to $ 9,140 at the end of the second quarter. According Skew, this pretty impressive number means BTC had its "third best quarterly close in its young history."
The two times that Bitcoin showed higher closing prices were during the 2017 parabolic price rise when it ended at $ 13,660 and in last year's bull market when it was at $ 10,590 after the second quarter.
Bitcoin outperforms the S&P 500, Gold, WTI in 2020
The data analysis company also analyzed the performance of various assets since the beginning of the year. Aside from Bitcoin, those included gold, the S&P 500 index, the U.S. dollar, and crude oil (WTI).
WTI has had a significant downward trend since the COVID-19 pandemic caused blockades across the country. At one point, he even entered negative territory since its supply was substantially higher than the demand. Although it has recovered to some extent since then, it still shows results of -34.22 to date.
The S&P was also down -4.04%, according to Skew data. The dollar was up 5.41%, which may be somewhat surprising to some after printing trillions of dollars to drain markets and the economy in an attempt to combat the financial crisis. However, it is worth noting that numerous prominent economists have warned that the long-term effects of the dollar could be quite damaging.
On the other hand, gold, traditionally considered a safe asset prone to perform well during a crisis, has increased in value in 2020. Bullion is up 16.26%.
However, of all the assets examined, the one that stands out with the biggest gains so far in 2020 is Bitcoin. BTC marks a 6-month increase of 27.31%. Interestingly, cryptocurrency # 1 was also the best-performing asset of the past decade, with an ROI of 8,900,000%.