Bernstein digital asset portfolio outperforming Bitcoin for first time

February 27, 2024 5:00 PM EST

Bernstein said Tuesday that its digital asset portfolio is outperforming Bitcoin for the first time as the crypto rally momentum continues.

According to analysts at the firm, the Bernstein Digital asset portfolio is up 94% (since the July 31, 2023 inception). Meanwhile, Bitcoin is up 77% in the same period.

"We believe this is quite significant as a signal to understand the crypto bull market is getting wider," wrote Bernstein in a research note.

The firm notes that the recent rally has been led by Ethereum and multiple other token themes. Ethereum is currently trading above the $3,250 mark, up over 40% this year. So far, on Tuesday, it has risen more than 2%.

The firm pointed to five catalysts of the recent crypto rally. These are ETH supply being deflationary, ETH asset supply locks, the Eigen layer (a protocol designed to extend Ethereum economic security), the return of DeFi/the Uniswap fee switch, and the upcoming upgrade to Ethereum's scalability roadmap.

By Sam Boughedda

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