As February comes to a close, it’s time to take a look at how BTC and ETH are stacking up recently.
The year-to-date return for the majors has been nothing short of impressive, with both hovering around 50%. Bitcoin is about to notch its best February in terms of returns in over a decade (second only to 2013).
In the case of ETH, it’s on pace for its best February since 2020, and ranks third for best performance of all February’s on record.
In last month’s Majors post, I noted that the year-to-date performance most closely tracked the 2019 analog for both BTC & ETH. That trend is still holding, though as of late it appears that it is shaping up to be more reminiscent of 2017.
Here’s the YTD comparison for BTC,
and here it is for ETH
It’ll be interesting to see if this trend continues to play out into March, as the price performance diverges significantly between the two biggest crypto assets. BTC witnessed a pullback of about -11% in March of 2017, while ETH soared upwards to +200% that month. While I don’t expect a return of that magnitude, the wind still seems to be at our backs for now.
P.S. We have a fresh markets memo in the works — that we’re targeting to put out tomorrow — providing additional context on the latest price action and what it means for the crypto market going forward. Stay tuned!
