Analysts' Insights
![Analysts' Insights](/content/images/size/w1156/2023/12/1219_Analysts-Insights_Square_EN.jpg)
The Winner of 2023? Bitcoin
- by Markus Thielen
Bitcoin has been the superior asset in 2023.
In 2023, Bitcoin outperformed the Nasdaq by +100%, with a +150% increase compared to the Nasdaq's +53%. Investors are now pondering whether to allocate more capital to Bitcoin in 2024.
![](https://mban.matrixtechfin.com/6182ddda-062c-4c0d-a58b-ee93c61793ff.jpeg)
Listed Bitcoin firms have outperformed Bitcoin.
A basket of listed Bitcoin mining companies, along with other listed crypto firms like Coinbase, has returned +266%, outperforming Bitcoin by more than +110%. Interestingly, Bitcoin mining companies are highly cyclical, and this year's price return reflects this.
![](https://mban.matrixtechfin.com/37cef376-ada5-41e0-ba58-2ca57f90a643.jpeg)
Bitcoin Transaction Fees have Skyrocketed.
Bitcoin ordinals have been a key theme this year and caused Bitcoin transaction fees to increase sharply. Even when Bitcoin prices decline or consolidate, Bitcoin mining companies could continue to generate high revenues.
![](https://mban.matrixtechfin.com/e09e7133-bc9f-43cc-8666-0cd10c4f4a55.jpeg)
Among tokens, Solana has outperformed.
Surprisingly, Bitcoin has outperformed most Layer 1 and most Layer 2 tokens and, on a risk-adjusted basis, has performed better than its nearest competitor Ethereum, which is up +83% year-to-date.
![](https://mban.matrixtechfin.com/b0c4757e-a214-4848-8380-df374acc291b.jpeg)
Written by Markus Thielen, Head of Research & Strategy at Matrixport. Author of Crypto Titans.
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![](https://blog.bit.com/content/images/2023/06/Asset-5-8.png)
Industry views and information shared do not represent Matrixport's position and do not constitute any investment advice.