Bitcoin Touches $61,000, BTC Beats Nasdaq

Bitcoin, the world’s largest crypto asset, touched $61,000 on Sunday after the recent bullish rally driven by a surge in demand from institutional investors. BTC is now the best-performing asset of the past decade.

According to the latest data published by Charlie Bilello, Founder and CEO of Compound Capital Advisors, Bitcoin has produced an average annualized return of 230.6% in the last decade, compared to just 20% by Nasdaq.

The world’s largest cryptocurrency is now up more than 100% since the start of 2021. Bitcoin touched a low of $3,800 in March 2020 due to panic selling by retail and institutional investors. BTC has gained significant value since then, and the digital currency is now trading at around $59,000 with a total market cap of nearly $1.1 trillion.

The data published by Bilello through Ycharts shows that BTC has performed better than most of the large-cap and small-cap stocks in the US. Gold, the world’s most valuable commodity, has generated an average annualized return of just 1.5% in the last decade. Bitcoin now has nearly 10% of the total market cap of mined gold.

The data highlighted that BTC has produced a negative average annualized return for only two years since 2010. Bitcoin saw a dip of 58% in 2014 and nearly 73% in 2018. The cryptocurrency posted a jump of more than 5,500% in 2013. BTC saw a jump of 1,300% in 2017, and the digital asset gained more than 300% in 2020. A significant rise in institutional interest is driving the price of Bitcoin. Several hedge fund managers and leading technology companies like Square and MicroStrategy have accumulated Bitcoin in large amounts during the last few years.

The overall market cap of cryptocurrencies jumped significantly during the last 10 weeks. The crypto market started this year with a total value of around $750 billion. As of writing, the total market cap of cryptocurrencies stands at around $1.8 trillion. Bitcoin currently has a market dominance of around 62%.

(Photo: flickr)

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