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Bitcoin outperforms traditional finance assets in 2023

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 assets 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.
BTC outperforms traditional finance assets in 2023. Source: CryptoRank

Bitcoin is a “flight to quality” vs. traditional finance

Larry Fink, CEO of BlackRock Inc. (NYSE: BLK), gave an interview on Fox Business where he mentioned Bitcoin’s rally and a perceived trend of clients around the globe talking about “the need of crypto”, in Finks words.

“I think the rally today [Monday] is about a flight to quality, with all the issues around the Israeli war now and global terrorism.”

— Larry Fink

BlackRock is the largest asset manager in the world and a major shareholder in 4 of the 5 largest Bitcoin miners. BLK’s price history speaks for itself, with 4,443.57% accumulated gains since its Initial Public Offering (IPO) in 1999.

Moreover, Fink is not the only traditional finance giant looking at Bitcoin with bright eyes. Many institutional investors are showing growing interest in Satoshi Nakmoto’s creation, as described by Dave Weisberger, CEO of CoinRoutes, as a “literal perfect storm” brewing for BTC.

Bitcoin dominance at yearly highs

It is also noteworthy that Bitcoin is not only outperforming leading traditional finance assets in 2023, but its dominance over the cryptocurrency market has also carved new highs year-to-date at the mark of 52.77%, according to the TradingView index (BTC.D).

Bitcoin dominance (BTC.D). Source: TradingView

From an investment perspective, Bitcoin is showing strength and trending in what some analysts are already calling the start of a new bull market. However, there are still some indicators and bearish experts warning for future losses.

All things considered, investors must be cautious during these euphoric moments following a bull rally, in order to not fall for “the fear of missing out” (FOMO), which could lead to making wrong decisions in a volatile market.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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