Although Bitcoin (BTC) has been going through a bit of a rough patch in recent days and weeks, at the same time, it has been steadily demonstrating significant strength against the energy sector, particularly crude oil, since the beginning of the year.
Specifically, the price of Bitcoin denominated in barrels of West Texas Intermediate (WTI) crude oil has increased by over 85% year-to-date (YTD) to stand at 383.5 BTC per barrel, according to the findings of the blockchain analytics platform Glassnode shared in a tweet on June 13.
Bitcoin price per Barrel of WTI Crude Oil. Source: Glassnode
As per the platform’s analysts, such price advance of the flagship decentralized finance (DeFi) asset compared to crude oil indicates that the value of Bitcoin has been increasing relative to the price of energy. That said, there is still room for growth, as the platform noted that “the current value remains -63.5% below the ratio’s peak of 1049.4 BTC / BBL experienced across the 2021 primary B
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