Bitcoin Surges Past $111,800 Amidst Declining Dollar Value
Bitcoin (BTC) surpassed $111,800 on Thursday, marking a 50% increase from April's low of around $75,000. However, it still has potential for growth against traditional assets.
- The bitcoin-to-gold ratio is at 33.27 ounces, below January's peak of over 40 ounces.
- BTC remains below its all-time high against silver, currently at 3,300 ounces compared to a record of 3,530 ounces.
- Bitcoin outperformed U.S. equities recently, which have been sluggish despite recovering from recent downturns.
- In other currencies, BTC is trading at approximately 82,500 British pounds and 91,500 Swiss francs, nearing their respective all-time highs.
- BTC has reached all-time highs relative to the Nasdaq 100 and the iShares 20+ Year Treasury Bond ETF, indicating a trend of outperformance against these assets.
- Surpassing benchmarks in precious metals like gold and silver would signify a shift in monetary dominance.