Bitcoin is often called “digital gold,” pitched as an alternative to the real thing. In 2019, the meme is actually true, as the two assets have performed almost identically over the past 30 days.
The chart below shows the year-to-date performance of digital assets grouped by market capitalization size. Notice how large-cap cryptocurrencies (like Bitcoin) have absolutely crushed smaller projects in 2019.
“Bitcoin continues to separate itself from the pack given the strength and spread of its ‘digital gold‘ narrative,” reports boutique research firm Delphi Digital in commentary shared with Hard Fork.
Still, the firm warned that Bitcoin is yet to fully retrace from its recent price peak of just below $14,000 — but political and economic factors could favor the cryptocurrency in the near future.
“Dovish central banks, falling sovereign debt yields, a growing US budget deficit, and talks of additional stimulus beyond ‘conventional’ policies all contribute to a supportive macro backdrop for Bitcoin to thrive,” said Delphi Digital.
Disclaimer: This article is for educational purposes only, and should not be considered investment advice.