New Study Says BTC Outperformed Both S&P 500 and Nasdaq in September

Despite seeing a 3.11% drop in worth in September, bitcoin nonetheless outperformed each the S&P 500 and Nasdaq, the newest Cryptocompare report has proven. Ethereum, alternatively, was named “the worst performer after the long-awaited Merge proved to be a ‘purchase the hearsay, promote the information’ occasion.” Increased tether and U.S. greenback commerce volumes for bitcoin are stated to counsel panicking buyers had been dumping depreciating currencies in favor of the cryptocurrency.

Ethereum Sees ‘Biggest Decline’

According to the newest Cryptocompare report, bitcoin, which noticed a adverse return of three.11% in September, nonetheless outperformed “each the S&P 500 and Nasdaq which noticed adverse returns of 9.34% and 10.5% respectively.” Only Solana — the cryptocurrency among the many tracked 4 that noticed a optimistic month-to-month return of 5.59% — and gold (2.87%) had higher risk-adjusted returns than bitcoin.

Ethereum, alternatively, is recognized within the report as “the worst performer [among four tracked cryptocurrencies], after the long-awaited Merge proved to be a ‘purchase the hearsay, promote the information’ occasion.”

To assist this assertion, the report factors to the crypto asset’s contrasting fortunes in August and September. After seeing its greatest risk-adjusted returns in August, ETH nonetheless went on to have “the largest decline” in September, the identical month the Ethereum blockchain was switched to a proof-of-stake (PoS) consensus mechanism.

Traders Dumped Fiat and Piled Into BTC

In phrases of the totally different belongings’ volatilities, the report stated bitcoin was the “least risky asset and probably the most dominant” amongst 4 cryptocurrencies that had been tracked within the month of September.

Explaining the examine’s crypto market volatility findings, the report states:

Volatility throughout cryptocurrency markets noticed a slight improve in September amid the rates of interest spikes and the unstable macro surroundings. ETH and SOL continued to be probably the most risky belongings, with 30-day volatility of 80.0% and 82.6% respectively. Bitcoin’s volatility rose 19.2% in September breaking a declining development that began in June.

Meanwhile, the findings of Cryptocompare’s examination of each USDT and U.S. greenback traded volumes counsel that panicking buyers had been dumping depreciating currencies in favor of BTC. In September alone, traded volumes in tether and the dollar went up “by 15.4% and 15.1% respectively.”

According to the report, this might imply “market members are piling into BTC following latest volatility in fiat currencies, together with the British pound and Japanese yen.”

In distinction, USDT volumes for ETH throughout the identical “noticed an enormous drop of 49.4%,” whereas SOL noticed “a noticeable rise of 10.5% in USDT volumes in September.” ADA and SOL each noticed declines in USD volumes.

Do you agree with Cryptocompare’s newest findings? Let us know what you assume within the feedback part beneath.