At the moment, 2020 is developing ambiguously for the leading cryptocurrency. However, the current turbulence in the crypto industry cannot be called extreme in comparison with the volatility of traditional markets.

Despite the instability of the situation and the risks of continuing the correction, Bitcoin remains the most profitable asset in both 2020 and the past decade. The relatively small volatility of the leading cryptocurrency in the context of the global recession once again makes us consider BTC as a safe haven asset.

Bitcoin stands out against the background of micro and macro economic indicators of world markets

Since the mid-March in all leading markets there was a surrender dump, the bulls began to show activity and increase pressure. This has led to a recovery in both BTC and the stock market.

This rebound was especially strong in the Bitcoin market, the rate of which almost doubled compared to recent lows below $ 4000. Moreover, the latest uptrend has led the leading cryptocurrency to be trading slightly higher than the start of the year.

If we compare with other investment instruments, it can be noted that Bitcoin is one of the most effective assets in 2020. Yes, its rate has grown very slightly relative to the level of January 1, but, for example, the leading Dow Jones index fell 20% this year.

The conclusion that Bitcoin is the strongest asset on the market also suggests itself when considering long-term dynamics. A comparison of the logarithmic graphs of BTC, S&P 500 and the real estate market proves this:

Bitcoin is a protective asset in conditions of instability

Despite the fact that the recent upward trend of Bitcoin manifested itself against the backdrop of the restoration of traditional markets, it is important to note that the connection of the main cryptocurrency with the global economy is becoming less strong.

According to the Skew analytic platform, the realized correlation of Bitcoin and the S&P 500 has significantly weakened compared to the March figure.

As a result, the community is once again discussing the theory that Bitcoin can act as a safe haven asset. Recall that last month this assumption was refuted at the time of the general collapse of world markets. Well-known analyst Willy Wu believes that the leading cryptocurrency will exhibit the properties of a "safe haven":

Do I think BTC demonstrates the properties of a defensive asset? Yes. I think that partly it depends on the nuances of BTC production costs and partly on the fact that BTC is growing in price according to the S-shaped curve of technology adoption (other assets are at the saturation stage).

In the near future, given the stabilization of the situation on world markets, the dynamics of the BTC exchange rate will give an idea of ​​whether the young asset can act as a real asset-refuge.