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 <p class="paragraph">Bitcoin (BTC) rallied during this week, moving from its lowest price of $26,814 on Sunday to trade for as high as $30,233 on October 20 (Friday). This move marks another uncorrelation between the leading cryptocurrency and the core stock market indexes.</p>
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 <p class="paragraph">Notably, <em>CryptoRank</em> identified a major outperformance from Bitcoin related to <a rel="noopener noreferrer nofollow" title="traditional" href="https://thebittimes.com/tag/traditional.html">traditional</a> <a rel="noopener noreferrer nofollow" title="finance" href="https://thebittimes.com/tag/finance.html">finance</a> <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a>s and Ethereum (ETH) year-to-date (YTD).</p>
 <p class="paragraph">According to a performance analysis on October 20, Bitcoin outperformed Ethereum, Gold, NASDAQ’s index, and the SPY in 2023. Accruing over 4,000 basis points (bps) more than the second-best performing asset, ETH, both cryptocurrencies.</p>
 <p class="paragraph">Interestingly, with 79.7% and 34.9% accumulated gains YTD, Bitcoin and Ethereum outperformed NASDAQ (+26.9%) by 5,280 bps and 800 bps, respectively. The SPY and Gold were also left behind with accumulated gains of 13.2% and 7.03% each in 2023.</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="576" src="https://cdn.thebittimes.com/images/2023/10/20/bcd3ae15dce2960ad8bc85cacfc25d2c.webp" alt="BTC outperforms traditional finance assets in 2023.
" class="wp-image-133457" srcset="https://cdn.thebittimes.com/images/2023/10/20/bcd3ae15dce2960ad8bc85cacfc25d2c.webp 1024w, https://cdn.thebittimes.com/images/2023/10/20/bcd3ae15dce2960ad8bc85cacfc25d2c.webp 300w, https://cdn.thebittimes.com/images/2023/10/20/bcd3ae15dce2960ad8bc85cacfc25d2c.webp 768w, https://cdn.thebittimes.com/images/2023/10/20/bcd3ae15dce2960ad8bc85cacfc25d2c.webp 1536w, https://cdn.thebittimes.com/images/2023/10/20/bcd3ae15dce2960ad8bc85cacfc25d2c.webp 2000w" sizes="(max-width: 1024px) 100vw, 1024px">
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   BTC outperforms traditional finance assets in 2023. Source: <em>CryptoRank</em>
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 <h2 class="wp-block-heading" id="h-bitcoin-is-a-flight-to-quality-vs-traditional-finance">Bitcoin is a “flight to quality” vs. traditional finance</h2>
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 <p class="paragraph">Larry Fink, CEO of BlackRock Inc. (NYSE: BLK), gave an interview on Fox Business where he mentioned Bitcoin’s rally and a perceived trend of clients around the globe talking about “the need of crypto”, in Finks words.</p>
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  <p class="paragraph">“I think the rally today [Monday] is about a flight to quality, with all the issues around the Israeli war now and global terrorism.”</p> <cite>— Larry Fink</cite>
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 <p class="paragraph">BlackRock is the largest <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> manager in the world and a major shareholder in 4 of the 5 largest Bitcoin miners. BLK’s price history speaks for itself, with 4,443.57% accumulated gains since its Initial Public Offering (IPO) in 1999.</p>
 <p class="paragraph">Moreover, Fink is not the only <a rel="noopener noreferrer nofollow" title="traditional" href="https://thebittimes.com/tag/traditional.html">traditional</a> <a rel="noopener noreferrer nofollow" title="finance" href="https://thebittimes.com/tag/finance.html">finance</a> giant looking at Bitcoin with bright eyes. Many institutional investors are showing growing interest in Satoshi Nakmoto’s creation, as described by Dave Weisberger, CEO of CoinRoutes, as a “literal perfect storm” brewing for BTC.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-dominance-at-yearly-highs">Bitcoin dominance at yearly highs</h2>
 <p class="paragraph">It is also noteworthy that Bitcoin is not only outperforming leading traditional finance assets in 2023, but its dominance over the cryptocurrency market has also carved new highs year-to-date at the mark of 52.77%, according to the <em>TradingView</em> index (BTC.D).</p>
 <figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="662" src="https://cdn.thebittimes.com/images/2023/10/20/7365f5706df1c44e83e200a1f1855c30.webp" alt class="wp-image-133458" srcset="https://cdn.thebittimes.com/images/2023/10/20/7365f5706df1c44e83e200a1f1855c30.webp 1024w, https://cdn.thebittimes.com/images/2023/10/20/7365f5706df1c44e83e200a1f1855c30.webp 300w, https://cdn.thebittimes.com/images/2023/10/20/7365f5706df1c44e83e200a1f1855c30.webp 768w, https://cdn.thebittimes.com/images/2023/10/20/7365f5706df1c44e83e200a1f1855c30.webp 1536w, https://cdn.thebittimes.com/images/2023/10/20/7365f5706df1c44e83e200a1f1855c30.webp 1876w" sizes="(max-width: 1024px) 100vw, 1024px">
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   Bitcoin dominance (BTC.D). Source: <em>TradingView</em>
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 <p class="paragraph">From an investment perspective, Bitcoin is showing strength and trending in what some analysts are already calling the start of a new bull market. However, there are still some indicators and bearish experts warning for future losses.</p>
 <p class="paragraph">All things considered, investors must be cautious during these euphoric moments following a bull rally, in order to not fall for “the fear of missing out” (FOMO), which could lead to making wrong decisions in a volatile market.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em> The content on this site should not be considered investment advice.</em> <em>Investing is speculative. When investing, your capital is at risk.</em></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-outperforms-traditional-finance-assets-in-2023-tbt67166.html">https://thebittimes.com/bitcoin-outperforms-traditional-finance-assets-in-2023-tbt67166.html</a></p>

Bitcoin outperforms traditional finance assets in 2023

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