Bitcoin Overtakes the FAANGs in 2020

ByteTree Market Health Update; Issue 50

Bitcoin overtakes the FAANGs in 2020

Source: Bloomberg. Bitcoin and FAANGs 2020 year to date rebased.

Bitcoin leadership over the Nasdaq is convincing

Source: Bloomberg. Bitcoin relative to the NASDAQ since 2018.

Bitcoin is less volatile than the FAANGs

Source: Bloomberg. 90-day realised volatility of securities as shown since 2018.

All great assets are volatile in their youth

Source: Bloomberg. 360-day realised volatility of securities as shown since 1996.

The best is yet to come

You might like to hear a refreshing view on Bitcoin by the CEO of ByteTree Asset Management (BTAM), Charlie Erith. He’s the other Charlie, and I have known him for at least 15 years. His background is two, or probably three decades of hard graft in broking Asian equities, followed by a successful stint in fund management. He is brilliant, and I am delighted that he agreed to head up BTAM.

Network Demand Strategy

The network demand strategy score remains at 5 out of 6, which is in line with last week. That points towards a continued bull market.

A final note

Last week I highlighted that despite the bullish consensus view, the on-chain metrics suggested that the Bitcoin price was ahead of events. I am definitely not the type to quash a party, but a short-term price surge remains unlikely, despite the bullish consensus. I reiterate that the price is overbought, and the 5-week NVT (5 wk) remains high. You can read more about that in last week’s post or see the live data on our site.

Applied data for digital asset investors. ByteTree provides real-time data, fundamentals, technical and deep blockchain market analysis for Bitcoin, and more.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store