As we close out 2019, Bitcoin has come out on top compared to all other commodities once again. It brought the highest returns this year by far.
Bitcoin’s returns in 2019 trumps all other commodities. The leading cryptocurrency brought in returns almost double that of the second-best performing commodity this year.
The Best Performing Commodities of 2019
The following are the top 10 commodities by performance in 2019. As you can see, it’s not even close.
- Bitcoin: +100%
- Palladium: +57%
- Gasoline: +34%
- Coffee: +30%
- Lumber: +27%
- Platinum: +19%
- Gold: +18%
- Silver: +15%
- Sugar: +13%
- Wheat: +11%
Although Bitcoin tops the list by a wide margin, palladium put up some impressive numbers as well with a return of 57%. Brad Mills (@bradmillscan) recently tweeted these stats with data compiled by Carlie Bilello (@charlibilello), CEO of Compound Capital Advisors.
Goldbugs might be disappointed by the results, however. The precious metal posted 18% returns for the year. Although consistent with its growth in the past few years, Bitcoin investors will likely find these numbers relatively marginal. The situation with silver is not much better, performing just a little bit worse than gold this year.
Despite critics claiming gold and silver are better investments, Bitcoin has trumped both the metals’ returns in 2019. When we look back at Bitcoin’s performance since 2011 compared to gold, the numbers are staggering. As BeInCrypto reported, 1 oz. of gold was worth around 584 BTC in 2011. In November of this year, this same 1 oz. of gold was worth around 0.15 BTC. This alone demonstrates how fast Bitcoin has grown in under a decade.
Traders Split on What’s Next for Bitcoin
It remains to be seen whether Bitcoin can maintain these growth numbers in 2020, but it seems plausible. With the halving planned for May 2020, Bitcoin’s supply will only become much scarcer and, historically, this has had a positive impact on price. However, we cannot take the asset’s short history as indicative of future performance—so it’s still unclear if the halving will be ‘priced in.’
Bitcoin’s recent price movements have split traders across the board. Most are unsure what we can expect in the coming weeks given that the leading currency has unconvincingly maintained its price point above the $7,000 support level.