Will Bitcoin Still Be This Year's Highest Yielding Investment?
Earlier today, the Nasdaq Composite broke its previous all-time-high and reached a whopping 9,924 points, just shy of the 10,000 mark. While it has retracted slightly back to 9,873 This is nearly a 1000-point increase from Nasdaq's evaluation in January 2020. Nasdaq seems primed to break the 10,000-point mark either later today or perhaps tomorrow. Even President Trump made note of the new ATH in a Tweet.
Bitcoin on the other hand, is currently trading at $9704 per BTC. While it has crossed the $10,000 mark earlier this month, on the 2nd of June it was a very short-lived celebration. BTC later dropped down to $9500 in what is considered a typical "Bart" pattern in the world of cryptocurrencies.
Bitcoin previously attempted to break $10,000 three different in March only to be rejected. February was a slightly better month for BTC as it managed to cross the $10,000-mark three separate times. Its Yearly High was $10,328 on the 13th of February.
NASDAQ vs Bitcoin
It seems more likely at this state that NASDAQ will be the first to cross the 10,000 mark. It seems likely that possibly later this week we will see the composite over 10,000 points. Bitcoin is also moving upwards but will need to break resistance points of $9850 and later $9900, should it want to break $10,000.
Nasdaq's rise seems a bit strange as the United States is still coming out of lock-down in many cities. In addition to that protests are engulfing the nation and have even spread to Paris & London. Despite this the markets are euphoric.
On a year-to-date view of both assets Bitcoin is still a more profitable venture than Nasdaq. BTC's price increased from $7207 to $9711 a 34% rise in value opposed to Nasdaq's 8% climb. Regardless of whether Bitcoin or Nasdaq will reach 10,000 first, Bitcoin will definitely be the first to revisit 20,000.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado