Cryptocurrency enthusiasts are rubbing their eyes in amazement Tuesday as digital assets are outperforming U.S. stocks for what seems like the first time in weeks or months.
Just before noon on the east coast, bitcoin has risen to $93,500 after falling below $90,000 at one point overnight, up 1% in the last 24 hours. The chart action up and to the right comes even as stocks continue their recent struggles, led by the Nasdaq’s 1.1% drop. Gold also posted losses on Tuesday, down 0.3%.
Altcoin movements are more dramatic, with ether solana (XRP), BNB and with sports advances of 2.5% to 4%.
For now, outperformance is only a multi-hour event, much less a multi-day event. However, given what seemed like months of cryptocurrency weakness relative to stocks and gold, the move could give hope to battered bulls.
Read more: ‘Negative bias’: What it is, why it frustrates Bitcoin bulls and why it could mean a bottom is coming
A review of cryptocurrency-related stocks shows that the majority are in the green, which also challenges the decline of the broader stock market.
Leading is Strategy (MSTR), which rebounded 8.3% on Tuesday after falling more than 30% over the previous month. Other gainers in the digital asset treasury sector include ETH-focused Bitmine Immersion (BMNR), which gained 7% after losing 40% over the previous month. Coinbase (COIN), Circle (CRCL), and Bullish (BLSH) are ahead by around 1.5%.
Read More: Bitcoin Selloff Likely ‘Complete,’ Year-End Rally Still in Play: StanChart Analyst
