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Bitcoin’s Meteoric Rise Makes Everything Else Look Like ‘Junk,’ Trader Says
Bitcoin started the year with an RSI of 45.
Updated Apr 11, 2024, 7:30 a.m. Published Apr 11, 2024, 7:26 a.m.
- Bitcoin continues to outperform major assets, with a near 100% increase in six months, surpassing Nvidia and the S&P 500.
- The cryptocurrency’s RSI is 79.02, the highest since the 2021 bull market, indicating potentially overbought conditions.
Bitcoin is outperforming most major assets, making everything else “look like junk,” Josh Olszewicz, a trader that publishes under the handle CarpoNoctom, said in a recent video, which analyzed its performance against major altcoins and other assets.
Alt Coins: Everything Bleeds Against BTC
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The world’s largest digital asset is trading above $70,000, according to CoinDesk Indices data. Bitcoin has outperformed the CoinDesk 20 (CD20) Index, a measure of the most liquid digital assets, by over 10% since the beginning of the year.
Looking back further, bitcoin is up almost 100% in the last six months, beating chip giant Nvidia (NVDA), which is up around 88%, ether , up 89%, and the S&P 500 (INX), which is up just 18%.
“If you’re investing and trading and not outperforming BTC, why bother?” Olszewicz said in his video. “Almost everything looks like junk against bitcoin.”
Bitcoin’s Relative Strength Index (RSI) is also at a level not seen since the height of the 2021 bull market, at 79.02. It was last near this point in October 2021 when it hit 72. The RSI, created by J. Welles Wilder, is a momentum indicator that measures the speed and change of price movements.
A reading above 70 would suggest overbought conditions, indicating that an asset’s price has risen too quickly and may soon correct lower. However, the RSI is only an indicator and not a fool-proof predictor.
Bitcoin began the year with an RSI of 45. The token’s RSI fell to 38 during the crypto winter in 2022.
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