Bitcoin logged double-digit gains in October, outperforming gold for the first time since June.
Gold gained just 2.74 percent in October, having dropped 3.17 percent in September - the biggest monthly drop since June 2018.
Bitcoin scored gains for five straight months from February to June - its longest winning streak since August 2017.
The yellow metal did inch higher by 1.7 and 7.9 percent in May and June, respectively, although gains were meager compared to bitcoin's 62 percent and 25.89 percent rise in the same months.
Gold gained 0.23 percent and 7.65 percent in July and August, respectively, as markets priced in heightened prospects of aggressive monetary easing by the U.S. Federal Reserve and other major central banks amid escalating China-U.S. trade tensions.
Looking forward, gold may underperform bitcoin in November, as the optimism on the U. S.-China trade front may reduce haven demand for the metal.
The seasonality is positive for bitcoin - the cryptocurrency has gained in November in six out of the last eight years.
"Prior bitcoin bull runs were characterized by a gradual decline in equity market volatility. For example, we've noted its, albeit imperfect, inverse relationship with the VIX Index over longer time horizons," analysts at Delphi Digital wrote in their monthly report.
Prices jumped 28 percent in the three days to Oct. 27, with trading volumes hitting the highest level since February 2018.
Bitcoin image via Shutterstock; charts by Trading View.
Bitcoin Outshines Gold for First Time Since June
gepubliceerd op Nov 4, 2019
by Coindesk | gepubliceerd op Coinage
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