Bitcoin Still Outperformed All Major Global Assets In February Despite

Despite the significant correction in Bitcoin (BTC) in February, after reaching an all-time high in market value above AU$74,000 the cryptocurrency largely outperformed other major alternative coins, including global assets in February return.

For March, Bitcoin bounced back and is already trading above the AU$70,000 mark, and many cryptocurrency analysts are quite positive that BTC is in for another big run after having gained a strong support level of around AU$62,000.

The Correction Happened, But Bitcoin Still Gained 32% in February 2021

Compared to other global assets, Bitcoin was the top-performing asset in the last month. This was despite dropping from the all-time high to about AU$56,000 towards the end of February. Bitcoin posted a 32 percent monthly return in February. While other assets including Crude oil only posted a monthly return of 18 percent, followed by Commodities (6.5 percent) and S&P 500 (2.8 percent). In the same month, the precious metal gold saw a negative 6.1 percent return.

The data shows that institutions and corporate investors were the main set of investors behind the massive increase in the price of Bitcoin. It began with the announcement that Tesla invested about US$1.5 billion in Bitcoin, MicroStrategy purchased more Bitcoin and the approval of the first Bitcoin ETF in Canada.

How Soon Until AU$100,000 BTC?

Institutions haven’t lost interest in buying Bitcoin as part of their reserve assets. Recently, a Chinese software company Meitu purchased $40M worth of Bitcoin. With the current momentum in the Bitcoin market, the cryptocurrency is likely to surge with another major bullish news of massive BTC buy. Yet, Bitcoin can still plummet from the current price.