Bitcoin will outperform 97% of all S&P 500 companies by 2023
As the cryptocurrency market continues to defy the financial crisis that has already crushed several major banking institutions, Bitcoin (BTC) has outperformed nearly 100% of the top 500 US listed companies during the third month of 2023.
In fact, since March 10, the price of Bitcoin has increased by 37.06% and over 72% since the turn of the year, while the flagship cryptocurrency recorded better year-to-date (YTD) returns than 488 or 97.6% of the S&P 500 companies, including FedEx (NYSE: FDX ), Apple (NASDAQ: AAPL ) and Amazon (NASDAQ: AMZN ), according to the data shared with Finbold by the crypto education platform CryptoManiacs on March 22.
In comparison, only 12 companies among the S&P 500 have managed to cross the 35% threshold in YTD returns, meaning that Bitcoin has surpassed the 27.2% YTD return of FedEx, the 19.3% YTD return achieved by Apple, and 17.8%. registered by Amazon, as the table shows.
Bitcoin’s other successes
It’s also worth mentioning that the flagship crypto has outperformed commodities in 2023, especially gold, “the top-performing old-guard commodity,” by nearly 10 times, indicating it may be in a “supercycle,” according to Bloomberg’s commodity specialist. Mike McGlone.
Elsewhere, Bitcoin is recording successes in other areas, as more than 70% of holders are currently in profit, and most of them have held onto the first decentralized finance (DeFi) asset for a year or longer, as Finbold previously reported .
On top of that, investors who started Dollar Cost Averaging (DCA) Bitcoin at its peak price of $69,000 in November 2021 are currently recording a 10% return on their regular investment, despite the price of Bitcoin being significantly lower than its all-time high . (ATH).
Bitcoin price analysis
As things stand, the price of Bitcoin currently stands at $28,587, representing a 2.20% increase over the past 24 hours, in addition to the accumulated gains of 16.38% over the past seven days and 18, 89% on the monthly chart. last CoinMarketCap data indicate.
In yet another success compared to traditional finance, the largest digital asset by market capitalization has added over $200 billion to its market capitalization by 2023, while draining the accumulated $100 billion from five of the largest US banks as the banking sector continued to suffer losses .
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