Bitcoin has surpassed large assets like Nvidia and the S&P 500, increasing by over 100% in six months. With an RSI of 79.02, the cryptocurrency may be experiencing overbought circumstances, its highest level since the bull market of 2021.
In a recent video comparing Bitcoin's performance to that of major altcoins and other assets, trader Josh Olszewicz, who goes by the handle CarpoNoctom, said that Bitcoin is making everything else "look like junk" due to its outperformance of most big assets.
According to data compiled by CoinDesk Indices, the value of the largest digital asset in the world is now beyond $70,000. Since the start of the year, Bitcoin's performance has been more than 10% better than that of the most liquid digital assets, as measured by the CoinDesk 20 (CD20) Index.
Taking a closer look at the past six months, bitcoin has seen an almost 100% increase, surpassing the gains of chip giant Nvidia (NVDA), which is up approximately 88%, ether (ETH), which is up 89%, and the S&P 500 (INX), which is up just 18%.
Why even bother investing and trading if you can't beat Bitcoin? In his video, Olszewicz stated. "In comparison to bitcoin, nearly everything appears to be worthless."
The Relative Strength Index (RSI) for Bitcoin is 79.02, which is above its previous high from the peak of the bull market in 2021. It last came close to this level in October 2021, when it reached 72. J. Welles Wilder developed the Relative Strength Index (RSI) as a momentum indicator to track the rate and direction of price changes.
An asset's price has increased too rapidly and may soon correct lower if the reading is greater than 70, which indicates overbought conditions. The Relative Strength Index (RSI) is useful, but it is not a guarantee of future results.
With an RSI of 45 at the start of the year, Bitcoin went into this market. During 2022's crypto winter, the token's RSI dropped to 38.
stay turned for development