Crypto enthusiasts rubbed their eyes in amazement on Tuesday as the digital asset outperformed US stocks for what appeared to be the first time in weeks or months.
Just before midday on the East Coast, bitcoin rose to $93,500 after falling below $90,000 at one point overnight, up 1% in the past 24 hours. The move up and to the right on the chart comes even as stocks continue their recent struggles, led by a 1.1% drop in the Nasdaq. Gold also posted losses on Tuesday, falling 0.3%.
Altcoin movements are more dramatic, with Ether, Solan, BNB and XRP seeing gains of 2.5%-4%.
For now, surpassing is only an event of several hours, let alone several days, reports SEEbiz. Still, given what has felt like months of cryptocurrency weakness relative to stocks and gold, this could give hope to waning bulls.
A check of crypto-related stocks shows that most are in the black, also defying the decline in the broader stock market.
The leader is Strategy (MSTR), which rose 8.3% on Tuesday after falling more than 30% over the previous month. Other gainers in the digital asset sector include ETH-focused Bitmine Immersion (BMNR), which is up 7% after losing 40% over the previous month. Coinbase (COIN), Circle (CRCL) and Bullish (BLSH) are all up around 1.5%.
