Bitcoin, Shiba Inu Outperformed Nasdaq 100 in Q1, 2023

Popular cryptocurrencies such as Bitcoin and Shiba Inu have outperformed the Nasdaq 100 index in Q1, 2023. The Nasdaq 100 index which measures the technology sectors’ growth, plummeted by 30% in 2022. However, in 2023 it started on the front foot and it is up by nearly 17% in the last three months.

Also Read: Shiba Inu: You Can Now Become a SHIB Millionaire With Only $10

On the other hand, Bitcoin beat the technological stocks this year by jumping nearly 70% since the start of January. Bitcoin was trading at $16,581 on Jan. 1, 2023, and reached a high of $29,124 on March 30. That’s an uptick of approximately 70% in the last three months and is 53% higher compared to the Nasdaq 100.

Also Read: Shiba Inu: The Road to $0.01 Is Now on Shibarium’s Shoulders Alone

Additionally, Shiba Inu was trading at $0.00000810 (five ‘zeroes’) on Jan. 1 and jumped 77% up until mid-February. However, Shiba Inu retraced in price and traded at $0.00001068 on Thursday. Therefore, Shiba Inu is up nearly 32% in the last 90 days and is 15% ahead in returns compared to the Nasdaq 100.

Also Read: Shiba Inu: If You Invested $100 in Jan 2021, You Could Make $14 Million Today

In conclusion, the Nasdaq 100 index started the year at $10,862 ending Q1 at $12,610. An uptick of nearly 17%. Bitcoin started the year at $16,581 ending Q1 at $29,000, an uptick of nearly 70%. Shiba Inu started the year at $0.00000810 and ended Q1 at $0.00001068, an uptick of 32%.

Along with Bitcoin and Shiba Inu, a handful of cryptocurrencies have outperformed leading stocks this year. The crypto markets rallied this month when stocks tumbled due to the banking crisis. Silicon Valley Bank and Signature Bank closed down while Bitcoin and other cryptos went up in value.

Bitcoin & Shiba Inu Performance

Shiba Inu Bitcoin
Source: Pexels

Both Bitcoin and Shiba Inu rallied hard in 2021 making investors earn handsome profits. While Bitcoin reached its all-time high of $69,044 in November, Shiba Inu reached its ATH of $0.00008616 in October. Both cryptocurrencies dipped in 2022, due to the bear markets and are delivering decent returns to investors in 2023.

Now that Bitcoin and Shiba Inu have beaten the Nasdaq 100 in Q1, the same cannot be said for the rest of the year. If a recession hits the markets, things could change quickly as the crypto markets would face a recession for the first time.

  • bitcoin
  • shiba inu

Comments

Post a Comment

Popular posts from this blog

Ethereum (ETH) price is aiming for $1,800 in February — Here is why

Image
ETH price is finding support at $1,560 and multiple data points are beginning to hint at a possible rally to $1,800 before the end of February. Ether (ETH) has been struggling with the $1,680 resistance since Jan. 20. Still, the ascending triangle pattern and improvements in investor sentiment in ETH derivatives provides hope that Ether price could reach $1,800 or higher by the end of February. This, of course, depends on how the Ether price behaves as it reaches the pattern deadline by mid-February.  Ether/USD price index, 12-hour. Source: TradingView From one side, traders are relieved that Ether is trading up 33% year-to-date, but the repeated failures to break the $1,680 resistance coupled with negative newsflow might give bears the power to cancel the bullish triangle pattern. According to a Jan. 30 report from Axios, New York State's Department of Financial Services is reportedly investigating Cryptocurrency Exchange Gemini over claims that the firm made regarding assets in...
Read more

Venezuela’s oil-backed cryptocurrency Petro to shut down

The Venezuelan government will reportedly shut down Petro (PTR), its state-issued, oil-backed crypto, which was subject to controversy and did not see mass adoption by citizens in the country.  According to reports, crypto wallets on the Patria website, the trading platform for Venezuela’s Petro, will cease operations on Monday, Jan. 15, with the remaining Petro converted to bolivar, the country’s fiat currency .  Petro’s demise comes nearly six years after its official launch in 2018. Venezuelan President Nicolás Maduro said at the time that the crypto will help to circumvent harsh sanctions by the US government and also help the country’s collapsing economy. You might also like: Venezuela authorities seize Bitcoin mining machines from notorious prison However, the state-issued crypto currency which was an ambitious project, failed to see widespread adoption among citizens, with the country’s legislators labeling the token as unconstit...
Read more

Top 3 Memecoins To Watch In June 2024

Image
Table of Contents PawFury (PAW): The Next Big Thing Cardano (ADA): The Smart Contract Innovator Ripple (XRP): The Payment Revolution Conclusion Meme coins are gaining traction, and June 2024 is set to be an exciting month. This article highlights the top three meme coins to watch: PawFury (PAW), Cardano (ADA), and Ripple (XRP). 1. PawFury (PAW): The Next Big Thing PawFury (PAW) is poised to be the next big thing in the meme coin world. With a presale that has already raised over $3 million and a growing Telegram community of over 30,000 members, PawFury is generating massive interest. Currently priced at $0.00844, analysts predict it could surge to $0.0200. This is your chance to get in early on a coin that’s set to explode. Don’t miss out on this golden opportunity – PawFury is the future of meme coins! 2. Cardano (ADA): The Smart Contract Innovator Cardano (ADA) is known for its unique approach to smart contracts and blockch...
Read more