Bitcoin is doing better than oil

Bitcoin’s (BTC) price remained resolute this week as global market indexes reacted to oil futures collapsing below $US0 for the first time in history.

West Texas Intermediate’s (WTI) May futures contract went negative on Tuesday with a closing price of -$37 per barrel. Demand for oil has shrivelled as half the world’s population is under lockdown restrictions.

As people have nowhere to go, less oil is being consumed. As a result, oil storage limits are being reached.

Consequently, the S&P/ASX Small Ordinaries (XSO) index was hit with a 3.6 per cent loss that day.

BTC’s price is becoming increasingly uncorrelated to traditional financial markets. The asset’s value was unhindered by the WTI’s price collapse and knock on effects on global market indexes.

 

Market movements

BTC’s price fluctuated this week netting a 1.4 per cent gain. April 16 saw the largest price shift with a 6.3 per cent gain.

BTC dominance is a percentage figure of the assets market capitalisation compared to all alt-coins. It currently sits at 63.4 per cent dominant, down from 64.24 last week.

The slight shift is a result of Ethereum’s (ETH) recent price gains. ETH rallied 19.4 per cent on BTC Markets this week. Its market dominance rose from 8.96 per cent to 9.8.

Total market capitalisation of all digital assets increased $23bn this week.

Asset Percentage change April 16th – 23rd YTD return (Jan 1st – April 23rd)
Bitcoin (BTC) 0.0446 0.1442
Ethereum (ETH) 0.0739 0.5636
Ripple (XRP) 0.0063 0.0981
Litecoin (LTC) 0.0108 0.1531
Stellar Lumens (XLM) 0.1278 0.374
Enjin Coin (ENJ) (Note: First listed on exchange 16 Jan 2020) 0.2337 0.5279
Chainlink (LINK) (Note: First listed on exchange 16 Jan 2020) 0.08 0.6409
S&P ASX Small Ordinaries (XSO) -0.0454 -23.2%

Source: BTC Markets 

 

Hash rate

Hash rates refers to the computer processing power of digital asset miners. High powered computers (or miners) crunch complex mathematical problems. This…

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