A recent report has found that bitcoin, the flagship cryptocurrency, has seemingly started to have like a store of value, and is “potentially being used” as a safe haven asset.
The report, published by Digital Asset Data and first covered by MarketWatch, digs into the price performance of bitcoin, gold, and the S&P 500 index over the past 90 days. It shows the flagship cryptocurrency “moved in tandem with gold” and “swung inversely to moves in the stock market.”
It reportedly digs into why the price of bitcoin has seen a significant slump this week and is currently trading below the $10,000 mark, while the S&P 500 is up around 1.8% over the last five days. Similarly the Dow Jones Industrial Average (DJIA) rose about 1.7% in said period.
Digital Asset Data’s report focused on the price of BTC against the US dollar, and compared it to the SPDR S&P 500 ETF Trust (SPY) and to the SPDR Gold Shares ETF (GLD). While bitcoin’s performance this week has been less-than-stellar, over the report’s period the cryptocurrency, just like gold, outperformed the S&P 500.