Over the past quarter, the Coin Desk Market Index (CMI), which spans over 90% of the crypto market capitalization, declined -11%. Bitcoin (BTC) outperformed the broad benchmark by declining -10.9% while ether (ETH) underperformed, posting a loss of -12.5% for the last 3 months.
It's helpful to view these numbers in the context of their year-to-date performance, where Bitcoin has gained an impressive 64%, and Ether has risen by 41%. This underscores the resilience of these cryptocurrencies as some of the top-performing assets in 2023. This quarterly outperformance of BTC versus ETH and the broader CMI is a continuation of a trend weâve seen throughout the year. Institutional demand for Bitcoin ETFs continues to support BTC, while the continued regulatory pressure on alternative tokens drives the bifurcation in the crypto market between the established majors (Bitcoin and Ether) and other digital asset protocols and projects.Digital Asset Recap Q3 2023: Bitcoin and Ether Outperform Wider Market Amid Regulatory Pressure and the Promise of ETFs
The Coin Desk Market Index fell 11% overall as we saw increased bifurcation between established majors (Bitcoin and Ether) and all other digital asset protocols and projects, writes Todd Groth, head of research at CoinDesk Indices.
