Bitcoin (BTC) + Ethereum (ETH) Basket Outperformed All Narratives in 90 Days: Analyst

Traders focused on the midterm performance of altcoins usually try to identify the narratives, i.e., the subclasses of tokens surrounded by mainstream hype in this particular period of time and united by some "theme." Here's how this strategy actually works on a three-month time frame.

Bitcoin (BTC) and Ethereum (ETH) outperformed all trends of 2023, analyst says

A hypothetical investment portfolio that includes only Bitcoin (BTC) and Ethereum (ETH), the two largest and most traded cryptocurrencies, would outperform all "baskets" based on popular mainstream narratives of 2023. Such calculations were published by a pseudonymous crypto researcher who goes by @thedefivillain in Twitter.

Recent performance of different coin categories, fyi pic.twitter.com/GCrwqENRrl

— VIKTOR (@thedefivillain) June 21, 2023

Surprisingly, the simplest combination of the largest cryptocurrencies would bring profit on all time frames — from 24 hours to 90 days. All narratives have only come into the "green zone" in the last seven days.

In the two- or three-month perspective, all narratives registered painful double-digit losses. The ecosystems of Arbitrum (ARB), Optimism (OP) and Fantom (FTM), together with "new coins" — tokens like CANTO, BLUR and SUI — are the worst sufferers as they almost lose 50% of their capitalization metrics.

The Bitcoin (BTC) and Ethereum (ETH) basket would have brought its owner 3.6% in returns should he or she leave it untouched for the last 90 days.

Optimism (OP), BTCFi coins leading recovery

However, some of the worst performers in this ranking are also leading the recovery processes. For instance, in the last seven days, when crypto markets started surging again, the Optimism (OP) ecosystem as well as DeFi coins somehow related to Bitcoin (BTC) managed to register double-digit upsurges.

Meanwhile, some segments, including Solana (SOL) coins, Cosmos (ATOM) coins and native assets of blue-chip DeFis, are lagging behind the recovery of markets.

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Wed, 06/21/2023 - 16:33

Breaking: Bitcoin Soars Past $30,000 Following BlackRock's and Invesco's ETF Applications

Alex Dovbnya

As covered by U.Today previously, cryptocurrency markets started surging amid announcements of ETF filings made by the largest assets management firms. In recent days, BlackRock, Fidelity and Invesco have followed this trend.

Right now, Bitcoin (BTC) is trying to stay above the crucial $30,000 level on major spot trading platforms.