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BTC/USD: Bitcoin Jumps 4% to Outshine Flatlining Stocks, Crosses $27,000

Illustration by TradingView

In a rare bright spot on Thursday, Bitcoin powered up, leaving traditional assets in the dust.

  • Bitcoin BTCUSD added more than 4% Thursday to cross the $27,000 mark while stocks were mostly hugging the flatline. The price of the biggest crypto hit a session high of $27,300, up from a daily low of $26,200 per coin. Stocks, in the meantime, were wavering on renewed inflation concerns, fanned by a rise in oil prices.
  • Thursday was a good day for crypto in general. The entire digital-asset marketplace, home to thousands of tokens (and some scams and rug pulls), soaked up about $30bn of fresh liquidity, bumping the market cap above the $1tn handle. Ether ETHUSD, the second-largest coin, gained around 3% on the day.
  • With September in its final trading session, Bitcoin continues to maintain a healthy advantage to the broad-based S&P 500 index (SPX). Performance-wise, the token has added more than 4% this month, compared to the S&P 500’s 5% decline. Quarterly figures, however, point to an 11% drop in the coin against a 4% fall in the benchmark index.