Tech companies have in the last year experienced a notable market rally while the same has not been recorded in the Bitcoin and cryptocurrency sector. Particularly in July, the coin, for instance, had a turbulent market performance.
Despite the market volatility in the crypto space, Bitcoin managed to outperform some major tech giants such as Microsoft, Apple, Google, Amazon, and Meta on a 12-month risk-adjusted basis. Notably, only Nvidia (NASDAQ: NVDA) managed to pull off a better performance than Bitcoin.
Market Performance and Comparisons
The secret of Nvidia remains the solid boom for artificial intelligence over the last year. Nvidia recorded a 140% gain on the yearly charts compared to Bitcoin’s 120% at the market price of BTC currently fluctuating in the $61,500 range.
Meanwhile, as per data provided by Ecoinometrics, other tech giants could only manage below 40% returns in the period under review. Google and Microsoft did better than Apple overall. As for gold, the asset returns were somewhere around 20%, slightly behind Microsoft and Google but way ahead of Apple.
Impact of Macro-Economic Factors on BTC
Analysts have pinned the fluctuations in BTC price on current macroeconomic conditions. However, over the course of last week, both Bitcoin and Nvidia have corrected themselves in the recent market rout by about 6 – 7%.
As noted by Ecoinometrics, with the United States employment data registering higher than anticipated, concerns arise of possible recession as the global economy also tightens. While a recession remains a speculation, this could negatively affect digitals assets including Bitcoin.
Notably, monetary liquidity has an impact on digital assets and for Bitcoin to maintain its performance against these tech companies, the broader U.S. economy has a role to play.
How Long Before Bitcoin Price Surge?
Currently, Bitcoin is witnessing strong selling pressure amidst fluctuating price performance. Despite projections, Bitcoin has not been able to break the $70,000 level. However, some analysts, based on historical trends, have bet on Bitcoin to experience a remarkable surge in early September.
This optimism lies in the halving event that occurred in April. Historically, Bitcoin has always had a breakout within 150 – 160 days post halving. Notably, with 110 days gone since the halving, the crypto community has about a month and ten days to wait for a significant price jump.
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