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Home » Crypto News » Crypto Hedge Funds are Outperforming Following Bitcoin’s Decline Since November

Crypto Hedge Funds are Outperforming Following Bitcoin’s Decline Since November

Author: Martin Young

Last Updated Dec 16, 2021 @ 07:29

Crypto hedge funds backed by a basket of digital assets outperformed Bitcoin last month as the world’s leading cryptocurrency fell hard from its peak price.

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Bitcoin ended the month of November down 7% but hedge funds with a more diverse portfolio of cryptocurrencies only dropped 2% for the period according to the Eurekahedge Crypto-Currency Hedge Fund Index.

According to Bloomberg, the outperformance may suggest that altcoins could offer investors better returns than Bitcoin which has currently fallen 29% from its all-time high.

The analysts used Ethereum as an example and stated that Bitcoin’s year-to-date performance could not compete with the former.

Bitcoin vs Altcoins

At the time of writing, Bitcoin had gained 69% since its January 1 price of around $29K. Comparatively, Ethereum is up 445% since New Year’s day when it traded around $740.

A comparison can also be made with the total market capitalization of all crypto assets which has also outperformed Bitcoin this year with a gain of just over 200%. Bloomberg stated that the same was true for crypto hedge funds:

“Similarly, the data bears out the same theme for crypto hedge funds. The Eurekahedge Crypto-Currency Hedge Fund index – made of 18 equal weighted members – is up 170% the year ended November.”

The Eurekahedge fund performed even better in 2020 with a 200% gain. However, Bitcoin was king in 2020 with a gain of around 300% over the course of the year.

These gains are tiny compared with some of the other altcoins which have literally gone ballistic in 2021. Solana’s SOL token has surged a whopping 11,544% since the beginning of the year making it the fifth-largest cryptocurrency by market cap.

Terra’s LUNA token is up 9,438% so far this year, Avalanche’s AVAX has pumped 3,171%, while Polygon’s MATIC has made a monumental 11,819% since January 1.

Crypto Market Outlook

Crypto markets are currently bouncing back a little following a fortnight of losses. The total market cap is up 3.6% on the day to $2.37 trillion according to CoinGecko.

Bitcoin hit an intraday high of $49,421 following the FED’s decision to speed up the tapering of asset purchases. BTC has started to consolidate around the $48K zone just above support at the 200-day moving average.

Ethereum has reclaimed $4,000 following a gain of 4.7% over the past 24 hours. Other solid performers include SOL with a 10% push to reach $177, and AVAX increasing 17% to trade at $105.

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Tags: Bitcoin Bitcoin (BTC) Price
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About The Author

Martin J. Young
More posts by this author

Martin has been writing on cybersecurity and infotech for over two decades. He has previous trading experience and has been covering developments in the blockchain and cryptocurrency industry since 2017. Contact Martin: LinkedIn

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