Crypto stocks have performed 3x better than broader stock market — Goldman Sachs

Webonanza - Analysis & News You Can Use
Webonanza - Analysis & News You Can Use

In a recent note to investors, Goldman Sachs has said that 19 crypto-related stocks have outperformed S&P 500 stock in the last year.

Per the note, the Wall Street giant noted that the crypto stocks had a market capitalization of more than $1 billion and had an average return of 43 percent. In comparison, the S&P 500 stocks were only able to gain around 13 percent within the same period. This means that the crypto stocks were performing three times better than the general stock market.

Notably, Marathon Digital Holdings and Riot Blockchain stocks have generated a return of 218% and 151% year to date, respectively, for their investors. Both firms are crypto mining companies.

Goldman Sachs also mentioned that more popular companies like Tesla, which invested $1.5 billion in Bitcoin while also accepting the crypto asset as a payment method for its vehicle, have also had a solid year, reaching an ATH of $883 in January.

Other crypto stocks that have performed admirably include PayPal, Mastercard, Visa, Grayscale, Square. These institutions have either invested heavily in the crypto space or provide their customers with services related to the crypto industry.

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