Bitcoin’s narrative as a unique store of value has once again been proven true by public data gathered by the financial platform, Finbold. In the latest findings, Bitcoin outperformed five major stock indexes by as much as 170.32%.
Bitcoin Outperforms Five Top Assets
The data showed that Bitcoin’s return on investment (ROI) within the first quarter (Q1) of 2023 stood at 69.4%. The average return for the stock indexes during the timeframe was 5.5%.
Source: Finbold
The chart above outlines the five indexes that were benched by Bitcoin. They include the NASDAQ Composite (IXIC), which had the biggest metric worth 17.39%, the S&P 500 (SPX), which followed with an ROI of 6.36%, and the US Small Cap 2000 (RUT), which held third place with 2.51%. The index, FTSE 100 (FTSE), ranked fourth with an ROI of 0.99%, and Dow Jones Industrial Average (DJI) was fifth with a 0.56% of ROI.
What Caused Bitcoin’s Bullish Trends?
In 2022, Bitcoin’s price was impacted by several factors, trapping it in bearish trends for most of the year. It led skeptics to debate the liveliness of the asset.
However, within the first three months of 2023, the leading cryptocurrency has made a tremendous comeback. It jumped above its $20k resistance level and pursued a $30k price mark. The asset currently trades at $28,100. This feat can be attributed to several factors.
Among them is the recent chaos within the traditional banking system. In March, three notable banks crashed in the United States. They were Silicon Valley, Silvergate, and Signature Banks. Depreciating confidence in traditional banking ensued, causing a flight to Bitcoin as a haven. Bitcoin also appears to be a shelter from rising interest rates.
Interestingly, Bitcoin’s performance has been positive regardless of the negative events occurring in the crypto ecosystem. One of them is the legal tussle between the leading cryptocurrency exchange Binance and the U.S. Senators and the U.S. Commodity Futures Trading Commission (CFTC).
