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The Daily Hodl
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Yahoo’s ‘Top Crypto Bets’ Are Crushing the S&P 500 Amid Global Economic Uncertainty

by Daily Hodl Staff
April 6, 2020
in Trading
‏‏‎ ‏‏‎ ‏‏‎ ‏‏‎

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.

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.



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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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