Bitcoin outperformed both the S&P500 and the Nasdaq, despite a 3.11% price decline in September. the P500 and Nasdaq are the most recent Cryptocompare report shows. Meanwhile, Ethereum was named the worst performer as the long-awaited merger proved to be a “buy the rumor, sell the news” event. The increase in trading volume of bitcoin tethers and US dollars is said to suggest that panicked investors were dumping depreciating currencies in favor of cryptocurrencies.
Ethereum sees ‘biggest drop’
According to Cryptocompare’s latest report, bitcoin, which posted a negative return of 3.11% in September, still “outperformed both the S&500 and the NASDAQ, with the P500 and NASDAQ losing 9.34% and 10.5% respectively returns.” Of the four cryptocurrencies tracked, only Solana and gold (2.87%), which saw positive monthly returns of 5.59%, had better risk-adjusted returns than Bitcoin.
Meanwhile, Ethereum was the worst performer (of the four cryptocurrencies tracked) in the report, with the long-awaited merger proving to be a “buy the rumor, sell the news” event.
To support this claim, the report points to the contrasting fortunes of crypto assets in August and September: after achieving the best risk-adjusted returns in August,ETHin September, the same month it was switched over, and remains the “biggest drop” in the market.
In terms of volatility of different assets, of the four cryptocurrencies tracked during the month of September, Bitcoin was “the least volatile asset and the most dominant,” the study reported.
Explaining the study’s crypto market volatility findings, the report states.
confirmed that overall cryptocurrency market volatility increased slightly in September amid interest rate spikes and an unstable macro environment. ETHand SOL continued to be the most volatile assets, with 30-day volatilities of 80.0% and 82.6%, respectively. Bitcoin volatility rose 19.2% in September, breaking out of the downward trend that began in June.
Meanwhile, the Cryptocompare survey results, which examined trading volumes of bothUSDT and USD, suggest that panicked investors abandoned the declining currency in favor ofBTCBTCIn September alone, trading volume in Tether and the greenback rose “15.4% and 15.1%, respectively.”
According to the report, this could mean that “market participants are loading up onBTCinundating BTCin response to the recent volatility in fiat currencies, including the British pound and the Japanese yen.”
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