Bitcoin outperforms top five major indexes by 170% in Q1, 2023
April 6, 2023 (Investorideas.com Newswire) The initial months of 2023 have seen Bitcoin make key steps towards its revival as the asset attempts to overcome the losses experienced during last year's crypto winter. As a result, cryptocurrency has emerged as a top investment option, surpassing some established traditional sector products with impressive performance.
In particular, data acquired and calculated by Finbold indicates that as of Q1 2023, Bitcoin's return on investment (ROI) was 170.32% more compared to the average of five major stock indexes. During the quarter, Bitcoin's returns stood at 69.4%, while average returns for the indexes stood at 5.5%.
Among the indices, NASDAQ Composite (IXIC) had the highest returns at 17.39%, followed by S&P 500 (SPX) at 6.36%, while US Small Cap 2000 (RUT) ranked third at 2.51%. FTSE 100 (FTSE) ROI of 0.99% placed the index in the fourth spot, while Dow Jones Industrial Average (DJI) ranked fifth at 0.56%.
Bitcoin capitalizes on banking crisis
The research highlighted drivers of Bitcoin's impressive returns compared to the selected indexes. According to the research report:
"Bitcoin's impressive performance in 2023 can be attributed to various factors, but the fallout in the banking sector stands out as particularly significant. Amidst the chaos in the banking space, investors saw the cryptocurrency sector as an attractive alternative to traditional centralized monetary systems. The investor interest in Bitcoin was highlighted by the significant capital inflows into the asset as the market cap of major banks diminished during Q1."
While Bitcoin and the stock market have experienced gains in 2023, the real challenge lies in maintaining these returns. The asset classes remain vulnerable to the threat of interest rate hikes, particularly given the current climate of high inflation.
Read the full story with statistics here: https://finbold.com/bitcoin-vs-indexes-q1-2023/
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