Rare Day of Outperformance Over Stocks

Crypto enthusiasts are rubbing their eyes in amazement on Tuesday as digital assets are outperforming U.S. stocks for what seems like the first time in weeks or months.

Just ahead of the noon hour on the east coast, bitcoin BTC$93,421.47 has risen to $93,500 after tumbling below $90,000 at one point overnight, ahead 1% over the past 24 hours. The upwards and to the right chart action is coming even as stocks continue their recent struggles, led by the Nasdaq’s 1.1% decline. Gold is also posting losses on Tuesday, down 0.3%.

The moves in altcoins are more dramatic, with ether ETH$3,143.99, solana (XRP), BNB BNB$935.61 and XRP$2.2260 sporting 2.5%-4% advances.

For now, the outperformance is only a multi-hour event, let alone multi-day. Yet, given what’s seemed like months of crypto’s weakness relative to stocks and gold, the action could give hope to battered bulls.

Read more: ‘Negative Skew’: What It Is, Why It’s Frustrating Bitcoin Bulls, and Why It Might Mean a Bottom is Near

A check of crypto-related shares finds most in the green, also defying the slump in the broader stock market.

Leading is Strategy (MSTR), bouncing 8.3% Tuesday after tumbling more than 30% over the previous month. Other gainers in the digital asset treasury sector include ETH-focused Bitmine Immersion (BMNR), ahead 7% after losing 40% over the previous month. Coinbase (COIN), Circle (CRCL) and Bullish (BLSH) are all ahead about 1.5%.

Read more: Bitcoin Sell-Off Likely ‘Complete’, Rally Into Year-End Still in Play: StanChart Analyst