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Bitcoin Outdoes Nasdaq and S&P 500

Although bitcoin had a negative return of 3.11% in September as compared to a month ago, it managed to surpass the S&P 500 as well as the Nasdaq, which witnessed negative returns of 9.34% and 10.5%, respectively.

Bitcoin’s risk-adjusted bounce back was third best, after only Solana, one of the other monitored cryptocurrencies with a positive monthly return, at 5.59%, and gold (2.87%).

On the other hand, Ethereum was named “the worst performer (among the four tracked cryptocurrencies), as the much-awaited Merge turned out to be a ‘buy the rumour, sell the news” event, considering the asset’s mixed performance in August and September. The highest risk-adjusted returns in August were followed by the largest loss in September for the asset, September also being the month when the Ethereum blockchain moved to a proof-of-stake (PoS) consensus process.

Bitcoin came through as the “least volatile asset and the most dominant” one of the four cryptocurrencies monitored in September.
According to the paper, volatility across cryptocurrency markets slightly increased in September amid the surge in interest rates and the unstable macro environment. ETH and SOL continue to be the most volatile ones, with 30-day volatility of 80.0% and 82.6%, respectively. Bitcoin’s volatility surged 19.2% in September, breaking the declining trend that started in June.

Furthermore, it is also seen that investors flee to BTC when other currencies lose value. Tether and US dollar trading volumes increased by 15.4 percent and 15.1 percent, respectively, in September.