Price analysis 12/29: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Cointelegraph
Published Dec 29, 2021 12:21PM ET
Updated Dec 30, 2021 09:00PM ET
The S&P 500 is trading near its all-time high but Bitcoin (BTC) has plunged about 30% from its all-time high at $69,000. Even after the sharp drop, Bitcoin is up 63%, year-to-date, outperforming the S&P 500, which is up about 30% in 2021.
Gold, which is popular as a hedge against inflation, is down roughly 7% this year. Arcane research said in its report that Bitcoin’s outperformance in the high inflationary environment shows that “Bitcoin has proven itself to be an excellent inflation hedge.”
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Written By: Cointelegraph
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