Bitcoin Soars 36% in Five Weeks, Leaves Stocks and Gold Behind
Bitcoin's performance over the past five weeks has been impressive, with a gain of 36% through September 22. This outpaced both the S&P 500 and gold, which saw returns of only 0.8% and a decline of 1.5%, respectively.
A Santiment chart shows Bitcoin trading near $87,100 on September 22, significantly higher than its August 18 price. The S&P 500 had risen by just 0.8% during the same period, while gold declined 1.5%. This left Bitcoin ahead of the U.S. stock index by 35.2 percentage points and above gold by 37.5 percentage points.
The performance gap between Bitcoin and the other two assets widened in stages, with a sharp advance in late August followed by periods of consolidation before another move higher near September 22. Santiment cited several factors that contributed to Bitcoin's stronger performance, including increased U.S. Treasury buybacks, renewed demand for exchange-traded funds, and short squeezes as Bitcoin moved through resistance levels.