Cryptocurrency Market Update: Bitcoin is more than twice profitable than S&P500 in Q2

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