Bitcoin Outperforms Both Nasdaq and S&P 500 in September

• Bitcoin’s risk-adjusted gains were third best, after only Solana.
• Ethereum is called out as the worst performer among the four tracked cryptocurrencies.

Even though bitcoin had a negative return of 3.11% in September compared to the previous month, it still managed to beat both the S&P 500 and Nasdaq which witnessed negative returns of 9.34% and 10.5% respectively, as stated in the most recent Cryptocompare report. Bitcoin’s risk-adjusted gains were third best, after only Solana, the only other monitored cryptocurrency with a positive monthly return, at 5.59% and gold (2.87%).

Contrarily, Ethereum is called out as “the worst performer [among four tracked cryptocurrencies], after the long-awaited Merge proved to be a ‘buy the rumour, sell the news’ event” in the research.

Ethereum Suffers the Most

The report uses the cryptocurrency asset’s mixed performance in August and September as evidence for this claim. Even while ETH had its highest risk-adjusted returns in August, it had its “largest loss” in September, which was also the month when the Ethereum blockchain moved to a proof-of-stake (PoS) consensus process.

The report found that bitcoin was the “least volatile asset and the most dominant” of the four cryptocurrencies monitored in September.

The paper stated:

“Volatility across cryptocurrency markets saw a slight increase in September amid the interest rates spikes and the unstable macro environment. ETH and SOL continued to be the most volatile assets, with 30-day volatility of 80.0% and 82.6% respectively. Bitcoin’s volatility rose 19.2% in September breaking a declining trend that started in June.”

Moreover, Cryptocompare’s analysis of USDT and U.S. dollar traded volumes hints at investors fleeing 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.