Bitcoin Outperformed 97% of S&P 500 Companies in 2023

Bitcoin Bull Market
  • Bitcoin has managed to demonstrate spectacular performance and has already outperformed almost every company in the S&P 500 to date.
  • Still far from its all-time high, BTC investors begin to average their holdings with 10% gains.
  • The market’s flagship cryptocurrency has managed to increase its total market capitalization.

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The cryptocurrency market continues to navigate through the financial crisis that has crushed several banking institutions. On the other hand, Bitcoin has outperformed almost 100% of the top 500 publicly traded companies in the United States during the third month of 2023.

Since March 10, Bitcoin’s price has risen by 37% and more than 72% since the start of the year, while the flagship cryptocurrency posted better current-year returns than 488 or 97.6% of companies. of the S&P 500. These companies include  FedEx (NYSE: FDX), Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN), according to data shared with Finbold by cryptocurrency education platform CryptoManiaks on March 22.

By comparison, only 12 companies in the S&P 500 have managed to pass the 35% threshold in YTD returns, meaning Bitcoin has surpassed FedEx’s 27.2% YTD returns, the 19.3% YTD returns achieved by Apple. and 17.8% registered by Amazon.

Other Bitcoin Achievements 

It is also important to note that the flagship cryptocurrency has outperformed commodities in 2023, especially gold, “the best-performing commodity of the old guard”, by approximately 10 times, suggesting that it may be in a “super cycle”. according to Michael McGlone, a commodity specialist at Bloomberg.

As decentralized finance (DeFi)’s premier asset is currently profitable for more than 70% of its holders, with most of them holding it for a year or more, Finbold previously reported, Bitcoin is running out of wins in other sectors as well.

However, even though the price of Bitcoin is well below its all-time high today, investors who began dollar cost averaging Bitcoin at its peak price of $69,000 in November 2021 are currently seeing returns of 10 % on their regular investment.

Bitcoin analysis 

At this time, the number 1 cryptocurrency in the market is trading at $28,229 with 4.64% less so far this day. However, the cryptocurrency has had cumulative gains of 16.38% over the previous seven days and 18.89% on its monthly chart, as indicated by the latest data from CoinMarketCap.

In another of its successes against traditional finance, the largest digital asset by market capitalization has added more than $200 billion to its market capitalization in 2023, while draining the accumulated $100 billion of five of the largest US banks while the banking sector continued to suffer losses.