Bitcoin (BTC) is continuously making notable strides because its current bull run has made its market value a stone’s throw away from the $1 trillion mark.
The leading cryptocurrency is currently trading at $51,799.94, with a market capitalization of $964 billion, according to CoinMarketCap.
Bitcoin outperforming traditional assets
Bitcoin’s uptrend is indicative of the cryptocurrency outperforming more traditional assets like stocks and gold, as its continuous battle with the latter for the status of safe-haven asset seems never-ending.
Market analyst Holger Zschaepitz recently disclosed that gold dropped to a price lower than $1,800 whereas BTC broke the record by surpassing the $51,000 mark. He explained:
“Looks as if Bitcoin is eating Gold. While the cryptocurrency hit fresh ATH >51k, Gold has dropped <$1800.”
Bitcoin’s value has gone through the roof because it has surged by at least $415 billion in 2021 alone thanks to institutional investors, corporate…