Bitcoin (BTC-USD), the largest cryptocurrency globally, has gained 10% over the past month and is up nearly 69% so far this year. In comparison, the S&P500 (SPX) and the Dow Jones Industrial Average (DJIA) have dropped by 3.5% and 3.2%, respectively over the past month amid fears of a potential U.S. government shutdown.
So, why is BTC surging? Recall, during the banking turmoil earlier this year, cryptocurrencies remained buoyant as investors shied away from equities. Once again, a brutal month for equities is sending the cryptoverse higher. As anxiety over the stock market grows, Ethereum (ETH-USD) is also up 6.1% over the past month. Additionally, the next bitcoin halving coming up in April next year should keep prices buoyant.
What Is the Best Crypto Stock to Buy Now?
Historically, cryptocurrencies have faired well during economic downturns. Major crypto-focused stocks have also performed well so far this year. Crypto-miners Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) have seen their stock prices rise by over 100% year-to-date.
Crypto exchange Coinbase Global (NASDAQ:COIN) has seen its stock price soar by 123% so far in 2023. Further, continued woes at Binance (BNB-USD), one of the biggest crypto exchanges globally, could help boost COIN’s fortunes.
We round up our list with Microstrategy (NASDAQ:MSTR), which holds one of the largest BTC hoards for a listed U.S. company at $4.68 billion. The share price of the business intelligence solutions provider has also surged by about 126.4% year-to-date.
Meanwhile, $30,560 is the next key resistance level for Bitcoin. A break past this level could mean rapid gains for the crypto bellwether.
Read full Disclosure
