Grayscale Bitcoin Trust (GBTC) is doing rather well as of late.
Bitcoin Gets Stronger and Stronger
According to recent stock charts, the company has skyrocketed by more than 300 percent since the beginning of the year, and securities are standing at more than $14 per share, a significant spike from the $3.84 price they were experiencing last February.
This is all a testament to the strength of bitcoin. Once a product of several hit-and-run schemes, bitcoin would often surge or experience solid price spikes only to be hit by some form of unfortunate news that ultimately made it topple into oblivion. Sometimes, it would take weeks or even months to see bitcoin’s original price return to fruition.
To be fair, this is still happening with bitcoin, though the currency’s newfound strength and thick skin are helping dropped prices recuperate much quicker. Less than 24 hours ago, bitcoin was trading for about $10,400 – a $3,000 drop from where it had been trading the day before.
Having fallen from $13,600 to the $10,000 range, the granddaddy of crypto was allegedly marred by the news that Bitrue, a Singapore-based cryptocurrency exchange, had been overrun with hackers seeking to steal nearly $5 million in both Cardano and Ripple funds.
The hit did affect bitcoin’s price allegedly, but only for a short while. Here we are less than a day later, and the currency has already added another $1,400 to its price. While there’s still nearly $3,000 to go before the currency is back where it stood roughly 48 hours prior, the news is further proof that bitcoin’s maturity has expanded faster than any trader could have anticipated. The coin is still on the rise and moving much faster than it did three or even two years ago.
The fact that Grayscale is doing so well also suggests that despite these hits, trust for bitcoin is growing. Many no longer view it as a speculative asset, but rather as a formidable means of value storage. This is shown in a new report submitted by investment and financial editor John Dobosz of Forbes fame, who suggests that bitcoin is outperforming much larger assets at press time including USD, oil and even gold.
Better Than Oil and Gold?
He explains:
The total gain for GBTC, which tracks bitcoin pretty accurately, is up 341 percent. What comes in second best? You would have been okay with oil, even though oil has eaten dust and other particles in the last few weeks. Oil is up 12.8 percent… The stock formed what you would call a double bottom in technical analysis. The belief is that the market had a chance to take the stock lower, but it didn’t. After the double bottom, the thing took off… The third period of the pattern is often the most exaggerated of growth. Since then, it’s been manic.