Bitcoin ended the month of November down 7% but hedge funds with a more diverse portfolio of cryptocurrencies only dropped 2% for the period according to the Eurekahedge Crypto-Currency Hedge Fund Index.
According to Bloomberg, the outperformance may suggest that altcoins could offer investors better returns than Bitcoin which has currently fallen 29% from its all-time high.
The analysts used Ethereum as an example and stated that Bitcoin’s year-to-date performance could not compete with the former.
Bitcoin vs Altcoins
At the time of writing, Bitcoin had gained 69% since its January 1 price of around $29K. Comparatively, Ethereum is up 445% since New Year’s day when it traded around $740.
A comparison can also be made with the total market capitalization of all crypto assets which has also outperformed Bitcoin this year with a gain of just over 200%. Bloomberg stated that the same was true for crypto hedge funds:
“Similarly, the data bears out the same theme for crypto hedge funds. The Eurekahedge Crypto-Currency Hedge Fund index – made of 18 equal weighted members – is up 170% the year ended November.”
The Eurekahedge fund performed even better in 2020 with a 200% gain. However, Bitcoin was king in 2020 with a gain of around 300% over the course of the year.
These gains are tiny compared with some of the other altcoins which have literally gone ballistic in 2021. Solana’s SOL token has surged a whopping 11,544% since the beginning of the year making it the fifth-largest cryptocurrency by market cap.
Terra’s LUNA token is up 9,438% so far this year, Avalanche’s AVAX has pumped 3,171%, while Polygon’s MATIC has made a monumental 11,819% since January 1.
Crypto Market Outlook
Crypto markets are currently bouncing back a little following a fortnight of losses. The total market cap is up 3.6% on the day to $2.37 trillion according to CoinGecko.
Bitcoin hit an intraday high of $49,421 following the FED’s decision to speed up the tapering of asset purchases. BTC has started to consolidate around the $48K zone just above support at the 200-day moving average.
Ethereum has reclaimed $4,000 following a gain of 4.7% over the past 24 hours. Other solid performers include SOL with a 10% push to reach $177, and AVAX increasing 17% to trade at $105.
949936 474892Id forever want to be update on new articles on this web site, bookmarked ! . 386141
608165 109330the most common table lamp these days still use incandescent lamp but some of them use compact fluorescent lamps which are cool to touch.. 500485
300768 732330This is going to be a terrific weblog, would you be interested in doing an interview about just how you developed it? If so e-mail me! 529640
653274 453791I got what you intend,bookmarked , extremely decent internet website . 391226
Zhang XM, Ng AH, Tanner JA, Wu WT, Copeland NG, Jenkins NA, et al where can i buy zithromax uk
885479 353622Very clean website , thanks for this post. 373944
214488 921636I enjoy your function , regards for all of the informative posts . 221046
48234 136802Depending on yourself to make the decisions can actually be upsetting and frustrating. It takes years to build confidence. Frankly it takes much more than just happening to happen. 948529