Bitcoin Price Set to Outshine Gold and Stocks by Big Margin in 2019

Bitcoin is on track to end 2019 on a positive note and significantly outperform traditional assets like gold and stocks.

The number one cryptocurrency is currently trading at $7,125, representing a 93 percent gain on a year-to-date basis, according to CoinDesk's Bitcoin Price Index.

The sell-off was accentuated by miners selling their bitcoin rewards in the final quarter, as noted by crypto market analyst Willy Woo.At press time, bitcoin is reporting a 48 percent loss from the high of $13,880 seen at the end of June.

Despite the H2 downturn, bitcoin's full-year performance is positive, as mentioned above, and the cryptocurrency is outperforming gold and S&P 500 in a big way.

The S&P 500 index, a benchmark for risk assets across the globe, is currently reporting a 28 percent gain for 2019.

While bitcoin's 93-percent yearly gain looks staggering when compared to traditional markets, the number looks slightly less impressive if we take into account the cryptocurrency's historical performance.

Bitcoin has printed gains in six years between 2011 and 2019.The cryptocurrency rallied most - by 5,428 percent and 1,336 percent - in 2013 and 2017, respectively.

Further, it gained 189 percent in 2012 and 124 percent in 2016.This year's 93 percent yearly gain is actually the second-lowest on record, with the lowest rise of 34 percent being registered in 2015.That said, bitcoin could still end 2019 higher, as the short-term charts are signaling scope for a move to resistance at $7,870.

Bitcoin has charted a series of lower highs and lower lows since July.

Bitcoin could rise to that level in the next couple of days, as the 14-day relative strength index has diverged in favor of the bulls.