Bitcoin and Ethereum outperform traditional assets in 2023
A new report from on-chain analytics firm Glassnode highlights the strong performance of Bitcoin (BTC) and Ethereum (ETH) compared to traditional markets in 2023. According to a Nov. 1 Glassnode report, Bitcoin has appreciated 93% against gold so far this year. When priced in gold, Bitcoin is trading at the highest levels since September 2021, right before the major crypto market correction. The data illustrates Bitcoin’s potential as a hedge against inflation and economic uncertainty. Ethereum has also significantly outperformed gold in 2023, appreciating 39% against the precious metal. Glassnode notes that in 2023 ETH and BTC returns have been tightly correlated on a 30-day rolling basis, experiencing similar magnitude drawdowns but with Bitcoin seeing stronger performance during uptrends. You might also like: MicroStrategy buys $5.3m in Bitcoin, bringing total holdings to over 150,000 BTC Notably, both Bitcoin and Ethereum have also experienced relatively shallow ...