Recently it has been noted that Bitcoin has outperformed many assets from the traditional world of finance, with the two biggest being Apple and NASDAQ. How do Altcoins compare?
Bitcoin is up 55.2% since the start of January, while Apple is up 34.3%. The NASDAQ 100, an index tracking the stock prices of companies like Amazon, Facebook, Google, Microsoft, and so on, is up “only” 17.3%, which is less than a third of what Bitcoin has achieved so far this year. Perhaps surprisingly, Bitcoin is also beating both Gold and Oil for 2019.
What about Altcoins?
With Bitcoin going on its recent run back to above $5K, some may wonder if they would have been better holding Bitcoin throughout this run. While there are always exceptions to this rule, and when comparing at the top 10 cryptos by market cap we can see that Binance Coin is a clear winner (+281%), with both Litecoin (+123%) and EOS (+66%) also outperforming Bitcoin. Cardano (+49%) and Bitcoin Cash (+55%) performed similarly to Bitcoin within a few %, while Ethereum only made a modest 5% gain. Stellar Lumens (-15.5%) and Ripple (-18.5%) were the two that lost out the most from the top 10, as they have actually lost value since the start of the year.
This analysis would suggest that some alts have fared very well during this recent run. Whether this pattern will continue is hard to tell. Once you get out of the top 10 Cryptocurrencies, the findings are much more varied, with two particularly noteworthy examples being Enjin (+290%) that beats even BNB, and BitcoinSV that is, unsurprisingly, down 43% for the year.