Bitcoin outperforms traditional finance assets in 2023
Bitcoin (BTC) rallied during this week, moving from its lowest price of $26,814 on Sunday to trade for as high as $30,233 on October 20 (Friday). This move marks another uncorrelation between the leading cryptocurrency and the core stock market indexes. Notably, CryptoRank identified a major outperformance from Bitcoin related to traditional finance asset s and Ethereum (ETH) year-to-date (YTD). According to a performance analysis on October 20, Bitcoin outperformed Ethereum, Gold, NASDAQ’s index, and the SPY in 2023. Accruing over 4,000 basis points (bps) more than the second-best performing asset, ETH, both cryptocurrencies. Interestingly, with 79.7% and 34.9% accumulated gains YTD, Bitcoin and Ethereum outperformed NASDAQ (+26.9%) by 5,280 bps and 800 bps, respectively. The SPY and Gold were also left behind with accumulated gains of 13.2% and 7.03% each in 2023. BTC outperforms traditional finance assets in 2023. Source: CryptoRank Bitcoin is a “flight to quality” vs. trad...