Quick take.
Amid economic uncertainty, Bitcoin continues to show its resilience by hovering around the crucial $70,000 mark, despite the steady climb of the US Dollar Index to 106 and the rise in US Treasury yields. As investors seek safe-haven assets, many are looking to gold as a guide, hoping that Bitcoin, often referred to as “digital gold,” will follow suit.
Although bitcoin declined slightly in early April, its dominance of the digital asset market remains strong, currently standing at 54.6%, slightly below its cycle high of 55.2%. So far this year, Bitcoin’s dominance has grown by 6%, suggesting that investors are generally favoring Bitcoin over other digital assets.
Another noteworthy trend is the ETH/BTC ratio, which remains below the critical threshold of 0.05, suggesting that Bitcoin is outperforming Ether. The ETH/BTC ratio is down 6% so far this year and 20% over the past year. As the DXY Index continues to soar, market watchers are keeping a close eye on Bitcoin and gold in anticipation that they may continue to hold their ground or even follow the uptrend, providing a potential hedge against economic instability.
