Bitcoin is recognized as more successful than gold

According to MarketWatch analysts, bitcoin outperformed the NASDAQ Composite, S&P 500, Dow Jones, and gold technology indices in terms of total return. «As of the evening of March 6, 2023, the yield for the flagship virtual coin was 32.23%, which was significantly higher than that of its main competitors,» the researchers said on Twitter.

The experts emphasized that since the beginning of 2023, the NASDAQ Composite has added 12.41%, the S&P 500 — 5.86%, and the Dow Jones — 0.12%. Meanwhile, gold’s yield since January 1 has been only 1.17%. Despite the fact that the rates of BTC and other top cryptocurrencies in February were at their lowest level since the beginning of the year, the performance of digital assets still outperformed the leading stock indices.

Analysts note that the low market volatility is due to the growing pressure from US financial regulators. The recent collapse of the cryptocurrency bank Silvergate Capital has raised fears that American companies may face difficulties in the banking sector.

In addition, investors' concerns about inflation and interest rates have not disappeared — this also regulates the demand for digital assets. The technical analysis of the BTC chart demonstrated the phenomenon of the «death cross». The figure on the chart may indicate a bearish outlook in the short and medium term.

The stock market also showed volatility. Industry participants are awaiting Federal Reserve Chairman Jerome Powell’s speech to Congress on monetary policy. Crypto investors are inclined to believe that after the speech, investors and traders will understand how the Central Bank will try to fight inflation and interest rate hikes.