Bitcoin Strongest Performing Currency in 2016
Bitcoin edged up to $595 on Bitstamp, a 21 month high just shy of $600 resistance. Bitcoin now leads the list of best performing currencies in 2016 versus the US dollar at +27%, above XAU gold ( +17.91%) and the Brazilian Real ( + 15.18%). Overall, it was a great week for bitcoin, with notable mentions alongside mainstream financial assets. A report by Ark investment and Coinbase, titled Bitcoin: Ringing the Bell for a New Asset Class compared the digital asset’s metrics alongside mainstream assets. Bitcoin is a real thing now! Always been to be fair.
Last week, on June 1, price was consolidating below $550, a recent high. In what has become typical of bitcoin price charts, a triangle consolidation pattern marked above by (3) and(4) preceded a break out to the upside accompanied by declining volumes,. Price pushed up to $588, retraced to find support and thereafter bounced off it to retest the ceiling at $595 at (1).