Bitcoin (BTC) Outclasses Top Fiat Currencies in Q3
Bitcoin, the de facto leader of all cryptocurrencies, will enter the month of November 2022 with a trading price significantly lower than the one it had in the same month last year.
The digital asset achieved a milestone on November 10, 2021 when it reached its all-time high (ATH) value of $69,044, pushing its total market capitalization to over $1.2 trillion.
However, the crypto has suffered heavy losses since then, losing 72% of its ATH as it continues to struggle to start a bullish run.
At press time, according to tracking from Coingecko, BTC is trading at $19,341 and is down over 68% year-to-date. The market value was also affected by the severe price dump, plunging all the way down to 371 billion dollars.
But despite all these, Bitcoin was still able to retain its status as the largest cryptocurrency in terms of overall valuation.
It also continues to show its dominance, outperforming almost all major assets for Q3 2022.
Crypto Juggernaut Steady Despite Bearish Market
Coingecko, a digital currency price and information data platform, recently released an update on how Bitcoin and some major assets as well as fiat currencies performed three months into the first half of 2022.
The analysis involved the market cap of BTC, US Dollar Index (DXY), Crude Oil, Gold, Japanese Yen and the iShares 20+ Year Treasury Bond ETF (TLT).
Among all the assets involved, only DXY managed to post gains, increasing its market cap by 7% over the 3rd quarter.rd quarter of the year.
Image: CoinCentral
Bitcoin, rank 2n.d behind the US Dollar Index, had its overall decline in value by 1% over the past three months.
Despite the fall, the cryptocurrency managed to buck the current bearish market to outperform crude oil and gold as well as TLT and the Japanese yen.
Still, the leading crypto fails compared to its total market capitalization gold which currently stands at $10.928 trillion.
Bitcoin: Still a long climb to regain lost glory
While holders and investors appreciate these kinds of victories that Bitcoin is earning and putting under its belt, it is undeniable that the asset dubbed “digital gold” still has a lot of work to do if it hopes to cement its status as the future of money.
According to the 5-day forecast for Coincodex, BTC is expected to increase its trading price slightly to $19,440. But the 30-day forecast for the digital asset is bleak as it points to another significant price dump to trade at $15,117.
Should this trend continue, Bitcoins 4th the quarterly result may be worse than the showing it had in the months of July, August and September.
Traders, investors and holders are still looking ahead with the hope that the cryptocurrency will replicate its previous bullish runs and deliver significant gains and profits for them.
BTC total market cap at $371 billion on the daily chart | Featured image from Pinterest, Chart: TradingView.com
