2024-3-7 14:00 |
Quick Take
Comparing the performance of the ‘Magnificent 7’ tech stocks—Nvidia, Meta, Microsoft, Amazon, Google, Tesla, and Apple—to Bitcoin shows that the coveted group of assets is seeing significant competition from Bitcoin. A one-year comparison reveals Bitcoin’s superior performance, posting a 195% increase compared to the Mag 7’s average rise of 101%. Although the two were fairly correlated, Bitcoin’s surge since late February led to a noticeable decoupling.
Over the past year, Nvidia stands as the sole tech stock among its peers to have exceeded Bitcoin’s performance, achieving a remarkable increase of 277%.
Graph comparing the performance of BTCUSD and the Magnificent 7 from March 2023 to March 2024 (Source: Trading View)Bitcoin, up 47% year-to-date (YTD), would be second only to Nvidia, which is up 84% since the beginning of the year. Three out of the seven tech stocks are showing negative YTD returns — Tesla is down 29%, while Apple and Google are down 9% and 5%, respectively.
Bitcoin’s performance nearly doubles the Mag 7 average of 27%. This leads to speculation on whether sustained BTC growth could trigger a financial shift from these tech stocks into Bitcoin.
Graph comparing the YTD performance of BTCUSD to the Magnificent 7 (Source: Trading View)The post Bitcoin’s 195% gain overshadows the tech sector’s ‘Magnificent 7’ appeared first on CryptoSlate.
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