Bitcoin Up 27% in First Half of 2020, Beating Gold, Silver and Platinum

Bitcoin showed its luster during the first half of 2020 by rallying more than 27% percent amid mediocre returns from precious metals including gold, silver and platinum.

Gold underperformed bitcoin by nearly 11 percentage points despite gaining 16 percent in the first half of 2020 and making eight-year highs in late June. Silver and platinum both finished the first half of 2020 with negative gains.

Bitcoin’s strong performance is no shock to some analysts, especially in context of the benchmark cryptocurrency’s increasing correlation with equity markets. “Given that equities are now near, or in some cases above, their highs reached in February, it’s not surprising to see bitcoin do the same,” said Ryan Watkins, bitcoin analyst at Messari.