In a sign of the changing market sentiments, the Nasdaq Crypto Index (NCI) booked monthly returns of 37.2% in January — the third-highest monthly return since NCI’s inception in February 2021.
The crypto market has been shrugging off the bearish sentiment over the past month, as the Bitcoin Fear and Greed Index moved from fear to greed after 10 months.
The price of Bitcoin (BTC) saw its best month since October 2021 as it increased 39.4% last month — the largest cryptocurrency saw its best January since 2013.
NCI, which was developed by Nasdaq in partnership with Hashdex, includes a diverse basket of digital assets that provide an industry benchmark beyond the price of just BTC. As of June 2022, the basket contained BTC, Ethereum (ETH), Litecoin (LTC), Polkadot (DOT), Bitcoin Cash (BCH), Uniswap (UNI), among others.
Samir Kerbage, chief technology and product officer at Hashdex told CryptoSlate:
“While the current macro environment will continue to present challenges for crypto and other risk assets, the strong performance of the NCI is a clear sign investors continue to see the long-term value in the most disruptive and mature crypto assets.”
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