CAPE TOWN – Charlie Bilello, director of research at the US investment advisory firm Pension Partners, took to Twitter to share alarming research on the slow movement of cryptocurrency.
Returns since Bitcoin Peaked in Dec 2017.
Nasdaq 100: +14.6%
S&P 500: +8.2%
Bitcoin: -65.8% pic.twitter.com/bMIoo6Sx1f
Recently, The cryptocurrency bear market plumbed a fresh 10-month low, led by a tumble in Bitcoin’s biggest rival.
Ether slumped 9.5 percent from its level, according to Bloomberg composite pricing.
Bitcoin lost 2.5 percent, while the market capitalisation of digital assets tracked by CoinMarketCap.com shrank to $197 billion (R2.9bn), down about $640 billion from its January peak.
According to Bilello, Bitcoin has now gone 268 days without a new high.
The 20 largest cryptocurrencies entering 2018 have seen a cumulative market cap decline of $336 billion YTD (-66%). pic.twitter.com/osMZqDMIYK
"Longest streak ever was 1,176 days (from Dec 2013 to Feb 2017)", he said in a tweet.
In the last 3 months of 2017, Bitcoin hit a new all-time high once every 3 days, on average.
Bitcoin has now gone 268 days without a new high.
Longest streak ever was 1,176 days (from Dec 2013 to Feb 2017). $BTC.X pic.twitter.com/plj6vjaOLb
He also shows that bitcoin managed to outperform three national currencies year-to-date despite its steep decline since December of 2017.
Bilello’s September 2, 2018 tweet showed a chart comparing the returns of cryptocurrencies and reserve currencies that revealed Bitcoin has outperformed the Venezuelan bolivar, Sudanese pound, and Argentine peso.
He also revealed that in early January there were 42 cryptocurrencies valued at $1 billion. However, it has now dropped to 15.
In early January there were 42 cryptocurrencies valued at >$ 1 billion. Today there are 15. pic.twitter.com/gs3f7pKm4G
Facts on Bilello:
Other than being the Director of Research at Pension Partners, He is also the co-author of four award-winning research papers on market anomalies and investing.
Charlie is responsible for strategy development, investment research and communicating the firm’s investment themes and portfolio positioning to clients.
Prior to joining Pension Partners, he was the Managing Member of Momentum Global Advisors and previously held positions as a Credit, Equity and Hedge Fund Analyst at billion dollar alternative investment firms.
Charlie holds a J.D. and M.B.A. in Finance and Accounting from Fordham University and a B.A. in Economics from Binghamton University. He is a Chartered Market Technician (CMT) and also holds the Certified Public Accountant (CPA) certificate.
In 2017, Charlie was named the StockTwits Person of the Year and has been featured on Bloomberg, CNBC and many more.
– BUSINESS REPORT ONLINE