Bitcoin logged double-digit gains in October, outperforming gold for the first time since June.
The world’s biggest cryptocurrency by market value ended last month with a gain of 10.26 percent, snapping a three-month losing streak, according to Bitstamp data.
Meanwhile, gold gained just 2.74 percent in October, having dropped 3.17 percent in September – the biggest monthly drop since June 2018.
Bitcoin scored gains for five straight months from February to June – its longest winning streak since August 2017.
Gold, however, registered losses in February, March and April. The yellow metal did inch higher by 1.7 and 7.9 percent in May and June, respectively, although gains were meager compared to bitcoin’s 62 percent and 25.89 percent rise in the same months.
While BTC outshone gold by big margins in the five months to June, the tide turned in favor of the yellow metal in the third quarter.
Bitcoin fell by 6, 4 and 13.5 percent in July, August and September, respectively. Experts associated the sell-off with fears of Facebook’s Libra fast-tracking regulation for cryptocurrencies in general, overbought technical conditions and other factors.
Gold gained 0.23 percent and 7.65 percent in July and August, respectively, as markets priced in heightened prospects of aggressive monetary easing by the U.S. Federal Reserve and other major central banks amid escalating China-U.S. trade tensions.
The metal dropped by 3.17 percent in September, but the decline was restrained as compared to BTC’s double-digit sell-off.
Looking forward, gold may underperform bitcoin in November, as the optimism on the U. S.-China trade front may reduce haven demand for the metal.