Crypto enthusiasts rubbed their eyes in amazement on Tuesday as digital assets outperformed US stocks for what appears to be the first time in weeks or months.
Just before noon on the east coast, bitcoin has risen to $93,500 after dipping below $90,000 at one point overnight, up 1% over the past 24 hours. The upward and rightward chart action comes even as stocks continue their recent struggles, led by the Nasdaq’s 1.1% decline. Gold also shows losses on Tuesday, down 0.3 percent.
The movements in altcoins are more dramatic, with ether solana (XRP), BNB and sporting 2.5%-4% progress.
For now, the outperformance is only an event of several hours, let alone several days. But given what looked like months of crypto’s weakness relative to stocks and gold, the action could give hope to battered bulls.
Read More: ‘Negative Skew’: What It Is, Why It’s Frustrating Bitcoin Bulls, and Why It Could Mean A Bottom Is Near
A check of crypto-related stocks finds mostly in the green, also defying the downturn in the broader stock market.
Leading the way is Strategy ( MSTR ), jumping 8.3% Tuesday after tumbling more than 30% over the previous month. Other winners in the digital asset financial sector include ETH-focused Bitmine Immersion (BMNR), up 7% after losing 40% over the previous month. Coinbase (COIN), Circle (CRCL) and Bullish (BLSH) are all ahead around 1.5%.
Read more: Bitcoin sell-off likely ‘complete’, year-end rally still in play: StanChart analyst
