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

Despite seeing a 3.11% drop in value in September, bitcoin outperformed both the S&P 500 and the Nasdaq, Cryptocompare’s latest report showed. Ethereum, on the other hand, was named “the worst performer after the much-anticipated merger turned out to be a ‘buy the rumour, sell the news’ event.” Rising tether and US dollar trading volumes for bitcoin are said to suggest panicked investors were abandoning depreciating currencies in favor of cryptocurrency.

Ethereum sees ‘biggest decline’

According to Cryptocompare’s latest report, bitcoin, which returned negative 3.11% in September, still outperformed “both the S&P 500 and the Nasdaq, which returned negative 9.34% and 10.5%, respectively.” “. Only Solana, the crypto among the four tracked that posted a positive monthly return of 5.59%, and gold (2.87%) had better risk-adjusted returns than bitcoin.

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

Ethereum, on the other hand, is identified in the report as “the worst performer [among four tracked cryptocurrencies]after the long-awaited merger turned out to be a ‘buy the rumour, sell the news’ event.”

To support this claim, the report points to the contrasting fortunes of crypto assets in August and September. After seeing its best risk-adjusted returns in August, ETH continued to see “the biggest decline” in September, the same month that the Ethereum blockchain switched to a proof-of-stake (PoS) consensus mechanism.

Traders Dumped Fiat and Piled on BTC

Looking at the volatilities of different assets, the report said that bitcoin was the “least volatile and the most dominant asset” among the four cryptocurrencies that were tracked in the month of September.

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

Volatility in cryptocurrency markets saw a slight increase in September amid spikes in interest rates and the unstable macro environment. ETH and SOL continued to be the most volatile assets, with 30-day volatility of 80.0% and 82.6% respectively. Bitcoin volatility rose 19.2% in September breaking a downward trend that started in June.

Meanwhile, findings from Cryptocompare’s examination of both USDT and US dollar traded volumes suggest panicked investors were jettisoning depreciating coins in favor of BTC. In September alone, the volumes traded in tether and the dollar increased “by 15.4% and 15.1% respectively”.

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

According to the report, this could mean that “market participants are piling into BTC following recent volatility in fiat currencies, including the British pound and Japanese yen.”

In contrast, USDT volumes for ETH during the same “saw a huge 49.4% drop”, while SOL saw “a remarkable 10.5% increase in USDT volumes in September”. ADA and SOL experienced declines in USD volumes.

Do you agree with the latest Cryptocompare findings? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is an award-winning Zimbabwean journalist, author and writer. He has written extensively on the economic problems of some African countries and how digital currencies can provide Africans with a way out.

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