In its latest report, VanEck stated that Bitcoin has outperformed most assets over the past 12 months. The report notes that "spot BTC has rallied by about 124% since September 2023. Currently, it has a market capitalization of roughly $1.25 trillion, representing 56% of the entire crypto market. This is up from about 15% a year ago." According to the report, Bitcoin's performance outpaced gold, which gained 9% over the same period. The S&P 500 index, a benchmark for U.S. stocks, returned about 7% over the past year. The report also suggests that "there are growing expectations for the long-term bull case for Bitcoin to resume in the near future. However, the recent price action has spooked some investors."