How BTC and ETH stacked up against tech giants in 5 years
The post How BTC and ETH stacked up against tech giants in 5 years appeared on BitcoinEthereumNews.com.
In the ever-evolving landscape of financial markets, cryptocurrencies and tech stocks have emerged as formidable contenders for investors’ attention. As the dust settles on a tumultuous five-year period, a pressing question arises: Which performed better, crypto or stocks? CoinGecko published a study on July 1 examining how these finance titans performed against each other in the last five years. The rise of the Magnificent Seven The term “Magnificent Seven” was coined by Bank of America analyst Michael Hartnett in April 2023 to describe seven dominant tech stocks. These stocks include Apple (NASDAQ: AAPL), Microsoft (NASDAQ: MSFT), Alphabet (NASDAQ: GOOGL), Meta Platforms (NASDAQ: META), Amazon.com (NASDAQ: AMZN), Nvidia (NASDAQ: NVDA), and Tesla (NASDAQ: TSLA). Together, they have come to represent a significant portion of the United States tech stock market. As reported by CoinGecko, these stocks have shown remarkable growth over the past five years. Their combined market capitalization increased from $4.35 trillion in 2019 to a staggering $15.770 trillion by June 2024, representing a 262.5% increase. Crypto’s meteoric rise While the Magnificent Seven were flexing their muscles, cryptocurrencies were not sitting idle. Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap, demonstrated explosive growth during the same period. Bitcoin’s market cap surged from $103.98 billion in May 2019 to $1.25 trillion by June 2024, marking a 1,102.2% increase. Meanwhile, Ethereum’s growth was even more impressive, skyrocketing from $18.16 billion to $421 billion, representing a 2,218.3% increase. Crypto vs. stocks: The battle of the titans When comparing the performance of crypto against the Magnificent Seven, some interesting patterns emerge. Surprisingly, Nvidia emerged as the top performer among all assets, with a jaw-dropping 2,782.8% increase in market cap over the five-year period. However, both Bitcoin and Ethereum outperformed the majority of the Magnificent Seven stocks. Ethereum’s growth closely aligned…
Filed under: News - @ July 6, 2024 7:22 pm