Bitcoin is outperforming Ethereum and other cryptocurrencies amidst economic turbulence, according to NYDIG. Despite significant volatility, the cryptocurrency market remains stable, with positive perpetual swap rates. Bitcoin is highlighted as the top asset against currency debasement, with BTC trading around $84,984.
Bitcoin (BTC) has emerged as a leading asset amidst economic instability, according to NYDIG, a digital asset investment firm. Their analysis reveals that while traditional markets face turmoil, cryptocurrency markets have remained relatively stable. Notably, perpetual swap rates are consistently positive, and although liquidations occurred recently, they totalled $480 million, considerably lower than major past events. Additionally, the USDT price, albeit below $1.00, has shown minimal drastic drops.
NYDIG’s global head of research, Greg Cipolaro, emphasises that Bitcoin appears to outperform Ethereum (ETH) and other altcoins significantly. The ETH-BTC trading pair is reaching lows not seen since 2019, indicating that various cryptocurrencies still struggle in this turbulent market. Given ongoing global uncertainties and declining trust in fiat currencies, Cipolaro asserts there is currently no viable alternative to Bitcoin for those seeking stability against currency debasement.
As of the current market date, Bitcoin is trading at $84,984. Investors are urged to remain cautious, conduct extensive due diligence, and be mindful of the volatility in cryptocurrency and digital asset investments.
Disclaimer: The information presented does not constitute investment advice. Investors should evaluate risks and conduct thorough research before engaging in high-risk investments involving Bitcoin, cryptocurrencies, or other digital assets. The Daily Hodl is not responsible for any losses occurring from trading or transfers in these markets.
