Cryptocurrency Market Update: Bitcoin is more than twice profitable than S&P500 in Q2
|- Bitcoin has gained over 40% in the second quarter.
- From the short-term perspective, the coin is locked in the range.
The second quarter has been positive both for the US stocks and the first cryptocurrency. While many experts point to BTC correlation with stocks, a quick review shows that Bitcoin's profitability has been twice as high when compared to S&P500. In the recent three months, BTC/USD has gained over 40%, from $6,154 to $9,150 at the time of writing, while S&P500 recovered only 18% during the same period.
Technically, the second quarter is not over yet; though unless something changes dramatically until the end of the day, Bitcoin is on track to beat S&P500 by over 20%.
Top-3 coins overview
BTC/USD touched the local resistance $9,200 during early Asian hours; however the upside momentum was not strong enough to allow for sustainable gains. At the time of writing, BTC/USD is changing hands at $9,150, in the middle of the recent trading range. The coin has stayed mostly unchanged since the start of the day and on a day-to-day basis. The local resistance is created by daily SMA50 on approach to $9,400.
BTC/USD daily chart
ETH/USD settled at $227.00 having recovered from the intraday low of $225.88. The daily SMA50 now serves as a local support for the coin, while the resistance is created by the psychological $230.00. The coin is moving within the narrow range with the bullish bias in sync with the market.
ETH/USD daily chart
XRP/USD is changing hands at $0.1770. The cryptocurrency recovered from the weekend low of $0.1690, but failed to regain ground above $0.1800. This barrier now serves as a channel resistance that separates the price from an extended recovery towards $0.1900. The support comes at $0.1700.
XRP/USD daily chart
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