Crypto enthusiasts are rubbing their eyes in astonishment on Tuesday as digital assets outperform U.S. stocks for what appears to be the first time in weeks or months.
Just before noon on the east coast, bitcoin rose to $93,500 after falling below $90,000 at one point overnight, up 1% in the past 24 hours. The action up and to the right on the chart occurs even as stocks continue their recent struggles, led by the Nasdaq’s 1.1% decline. Gold also posted losses on Tuesday, down 0.3%.
Altcoin movements are more dramatic, with ether solana (XRP), BNB And showing advances of 2.5% to 4%.
For now, outperformance is just an event lasting several hours, let alone several days. Still, given what appears to be months of crypto weakness relative to stocks and gold, this action could give hope to beaten-down bulls.
Read more: “Negative Fold”: What It Is, Why It Frustrates Bitcoin Bulls, and Why It Could Mean a Bottom is Near
A check of crypto-related stocks reveals that most are in the green, also defying the broader stock market crisis.
The leader 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 included ETH-focused Bitmine Immersion (BMNR), up 7% after losing 40% over the previous month. Coinbase (COIN), Circle (CRCL), and Bullish (BLSH) are all ahead by about 1.5%.
Read more: Bitcoin sell-off likely ‘over’, recovery through year-end still underway: StanChart analyst
