According to a report from analytics platform Cryptocompare, despite bitcoin’s (BTC) negative return of 3.11% in September, the flagship cryptocurrency outperformed the S&P 500 and Nasdaq registered negative returns of 9.34% and 10.5%.
Interestingly, Ethereum was named the worst of the four cryptocurrencies analyzed, as a major update of the Merger ended up being “buying on rumor and selling on news.”
Ethereum’s performance in August and September was cited as justification. Despite having the highest risk-adjusted returns in August, ETH experienced the biggest decline in September, the same month the blockchain switched to the Proof-of-Stake (PoS) consensus.
Of the four cryptocurrencies analyzed, only Solana (SOL) with a monthly return of 5.59% and gold with 2.87% outperformed BTC on this risk-adjusted basis.
According to Cryptocompare analysis, bitcoin was the “least volatile asset and most dominant” of the four cryptocurrencies tracked during September in terms of their volatility.
The report’s analysis of USDT and U.S. dollar trading volume showed that investors are investing in bitcoin because of the depreciation of fiat currencies.