Despite 2020 being a tumultuous year due to the COVID-19 pandemic and episodic bouts of positive correlation with the S&P 500 during the past few months, Bitcoin remains on track to beat the S&P 500 by over 24% this quarter.
Since Q2 2020 will not be officially over for another several hours, for the purpose of this article, we’ll use data taken at the time of writing (around 11:15 UTC on June 30) — which means that for the S&P 500, we’ll use premarket trading data for S&P 500 futures — for comparing percentage gains/losses.
Let’s see how U.S. equities have performed, as measure by the S&P 500 index, so far in 2020, by looking at this year-to-date (YTD) chart provided by Google Finance:
In Q1 2020, the S&P 500 went from 3,230.78 to 2,584.59, i.e. a loss of 20%. Since S&P 500 are currently trading around 3,041.75, this means that in Q2 2020, it has gone up 17.68%. As for the S&P 500’s YTD return on investment (ROI), it is -5.85%.
Now, let’s look at this six-month BTC-USD price chart from CryptoCompare:
Bitcoin’s price reached $7,183 by the close of 31 December 2019, and Bitcoin was trading at $6,423 by the end of Q1 2020, i.e. a loss of 10.58% against USD, which was not great, but still twice better than how the S&P 500 did during that quarter.
As for Q2 2020, Bitcoin has had a pretty great second quarter (given the circumstances). Bitcoin is currently trading at $9,135, which means that in this quarter, Bitcoin has gone up 42.22%. Therefore, Bitcoin’s YTD ROI is +27.17% against USD.
In other words, if things don’t dramatically change in the next several hours, in Q2 2020, Bitcoin is on track to beat the S&P 500 by over 24%.
Furthermore, if we look at the YTD ROI figures, then Bitcoin’s performance in 2020 is even more impressive, beating the S&P 500 by 33%.