- 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.
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.
