Bitcoin, Shiba Inu Outperformed Nasdaq 100 in Q1, 2023

Vinod Dsouza
Nasdaq 100 Index Bitcoin Shiba Inu BTC SHIB Cryptocurrency
Background Image Source: REUTERS/Jeenah Moon

Popular cryptocurrencies such as Bitcoin and Shiba Inu have outperformed the Nasdaq 100 index in Q1, 2023. The Nasdaq 100 index which measures the technology sectors’ growth, plummeted by 30% in 2022. However, in 2023 it started on the front foot and it is up by nearly 17% in the last three months.

Also Read: Shiba Inu: You Can Now Become a SHIB Millionaire With Only $10

On the other hand, Bitcoin beat the technological stocks this year by jumping nearly 70% since the start of January. Bitcoin was trading at $16,581 on Jan. 1, 2023, and reached a high of $29,124 on March 30. That’s an uptick of approximately 70% in the last three months and is 53% higher compared to the Nasdaq 100.

Also Read: Shiba Inu: The Road to $0.01 Is Now on Shibarium’s Shoulders Alone

Additionally, Shiba Inu was trading at $0.00000810 (five ‘zeroes’) on Jan. 1 and jumped 77% up until mid-February. However, Shiba Inu retraced in price and traded at $0.00001068 on Thursday. Therefore, Shiba Inu is up nearly 32% in the last 90 days and is 15% ahead in returns compared to the Nasdaq 100.

Also Read: Shiba Inu: If You Invested $100 in Jan 2021, You Could Make $14 Million Today

In conclusion, the Nasdaq 100 index started the year at $10,862 ending Q1 at $12,610. An uptick of nearly 17%. Bitcoin started the year at $16,581 ending Q1 at $29,000, an uptick of nearly 70%. Shiba Inu started the year at $0.00000810 and ended Q1 at $0.00001068, an uptick of 32%.

Along with Bitcoin and Shiba Inu, a handful of cryptocurrencies have outperformed leading stocks this year. The crypto markets rallied this month when stocks tumbled due to the banking crisis. Silicon Valley Bank and Signature Bank closed down while Bitcoin and other cryptos went up in value.

Bitcoin & Shiba Inu Performance

Shiba Inu Bitcoin
Source: Pexels

Both Bitcoin and Shiba Inu rallied hard in 2021 making investors earn handsome profits. While Bitcoin reached its all-time high of $69,044 in November, Shiba Inu reached its ATH of $0.00008616 in October. Both cryptocurrencies dipped in 2022, due to the bear markets and are delivering decent returns to investors in 2023.

Now that Bitcoin and Shiba Inu have beaten the Nasdaq 100 in Q1, the same cannot be said for the rest of the year. If a recession hits the markets, things could change quickly as the crypto markets would face a recession for the first time.