Bitcoin Overtook Stock Indices in Terms of Profitability.
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Bitcoin overtook stock indices in terms of profitability during the crisis.
Since the beginning of the year, the first cryptocurrency has risen in price by 150%. Ethereum showed even greater growth – 270%. At the same time, the S&P 500, Nasdaq, and gold brought investors significantly fewer returns than digital assets.
Since the beginning of 2020, bitcoin has performed better than the leading stock market instruments. On November 18, the cryptocurrency rate set an annual maximum at around $ 18.4 thousand, since January it has risen in price by more than 150%. Over the same period, major US stock indexes – the S&P 500 and the Nasdaq – increased by 9% and 31%, respectively.
Gold also gave way to the main digital coin. Its cost began to rise at the end of 2019. Growth has accelerated amid the intensification of the crisis and the worsening of the situation with the coronavirus, as the precious metal is considered a defensive asset. Thanks to this, its quotes rose above $ 2,000 per ounce, but by now they have dropped to $ 1,879. The growth since January has been about 23%.
Bitcoin overtook stocks but lost to Ethereum and TESLA
At the same time, Bitcoin lost to its direct competitor, Ethereum. From the beginning of the year to November 18, the altcoin has risen in price by 270%. By the current moment, the price has risen even higher – up to $ 500. Also, the first cryptocurrency in terms of profitability was ahead of the shares of Elon Musk’s Tesla and Moderna, which is developing a vaccine against coronavirus. The growth of quotations of these companies since January amounted to 427% and 365%, respectively.
Shares of Square, owned by Twitter founder Jack Dorsey, showed significant growth since the beginning of the year. She developed the Cash App wallet, which allows you to store cryptocurrency. The company’s shares have risen in price by almost 200% since January, to $ 187, which is more than bitcoin, but less than ether.
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