Bitcoin’s 30-Day Price Performance Outperforms the Top Six Technology Stocks
Despite the fact that Bitcoin’s price performance is often compared to that of conventional equities, especially those in the technology sector, recent pricing data indicates a divergence.
According to Forkast, Bitcoin’s 30-day performance has deviated significantly from those of conventional equities. The research is in reaction to a Forbes article claiming that Bitcoin is “simply another technology stock.”
According to Finbold statistics, Bitcoin outpaced the top six technology equities by an average return on investment of slightly under 16%. The stocks included Apple, Microsoft, Google, Amazon, Tesla Motors, and Facebook.
According to the analysis, Bitcoin’s amazing performance in comparison to technology equities over the previous thirty days has thrown doubt on the concept that BTC’s association with conventional markets is increasing.
Jeff Yew, CEO of Monochrome, Australia’s first institutional-grade Bitcoin fund, said he was unsurprised by the cryptocurrency’s success.
He explained to Forkast, Bitcoin is not attempting to compete on technology; rather, it was projected to be this alternative digital currency – a concept accepted seriously by a sizable investment base.
Bitcoin’s 30-day performance versus Meta (previously Facebook) was notably robust after the stock’s 25% one-day price decline. The shares of Meta plummeted after a quarterly report that revealed a fall in daily active users, a first in the platform’s existence. According to an industry observer, a number of investors have shifted their cash away from crypto and towards treasuries in the aftermath of Meta’s sell-off.
Andrew Sullivan, creator of Asianmarketsense.com, said that the recent price decline for Meta prompted concerns about the business model’s long-term sustainability. He highlighted that advertising income was a specific source of worry and had a significant role in Meta’s pricing determination.