Despite the recent dip, the official statistics show that Bitcoin’s performance this year has been nothing short of excellent. Its success can be ascribed to the dollar’s inflation that has not been merciful this year.
According to Finbold, Bitcoin’s value is currently hovering around the $50,000 mark, with a total market cap of $925 billion. By this time, it seems to have recovered from the recent fall and appears to be climbing again steadily.
With inflation wrecking the US dollar, Bitcoin has risen 66% in value. According to the official Return on Investment number, its year-to-date value reached a 66.9% increase with a 155.26% rise against the US dollar from last year.
The cryptocurrency also outperformed several famous indexes this year, including the S&P 500 (gaining 32.71%), the Nasdaq (gaining 31.39%), and the Dow Jones Industrials (gaining 41.65%).
It appears that despite the turbulent past month, BTC is still standing its ground when it comes to overall yearly performance. Plus, with inflation soaring high, it proves itself yet again as the best inflation hedge of today.
