Although the global economic outlook remains dire, new numbers show that companies linked to the cryptocurrency industry are far outperforming the S&P 500.
Yahoo Finance is tracking top companies and stocks that have exposure to cryptocurrencies such as Bitcoin (BTC) and Ethereum.
[adinserter block="1"]According to the latest figures, publicly-traded crypto-connected companies with a market cap of $1 billion or higher significantly outperformed the S&P 500 in March, as panic over the coronavirus outbreak triggered a massive global selloff in equities.
The 14 companies in Yahoo’s “Top Crypto Bets” include Microsoft, Visa, Square, Goldman Sachs, Overstock, NVIDIA and PayPal. As a whole, these companies sustained a 35.62% 1-month return in March, faring far better than the S&P 500 index, which sustained a 12.51% loss over the same period.
Despite the stronger performance of cryptocurrencies in comparison to equities, the current economic downturn also dealt a painful blow to Bitcoin, Ethereum, XRP, Bitcoin Cash and the entire marketplace with more than $93 billion in capitalization wiped out on March 12th.
By the end of the first quarter, the price of BTC dropped by 10%. The S&P 500, on the other hand, plunged 20% in its worst quarter since the fourth quarter of 2008. The Dow Jones, likewise, closed down 23% in the first three months of this year, turning in its worst first-quarter performance in history.
While Bitcoin is currently trading at $6,794, down 0.84%, the total market cap of the crypto industry at large has risen from $167.5 billion to $190.7 billion, up 13.85% over the past seven days.
