(Bloomberg) —
Hedge funds offering a more diverse portfolio of cryptocurrencies got a leg up on Bitcoin last month after the world’s largest cryptocurrency started to fall from an all-time high, data show.
Whereas Bitcoin ended November 6.5% lower, hedge funds focused on crypto showed a decline of roughly 2% over the same period, according to the Eurekahedge Crypto-Currency Hedge Fund Index.
The outperformance adds to growing evidence altcoins might offer investors superior performance to Bitcoin, especially after the latter’s torrid rally to nearly $69,000 in early November.
Comparing Bitcoin’s year-to-date performance to just Ether, the coin of the Ethereum blockchain, shows the edge alternatives might hold. Through November, Ether was up 526% compared to Bitcoin’s roughly 100% gain.
Similarly, the data bears out the same theme for crypto hedge funds. The Eurekahedge Crypto-Currency Hedge Fund index — made of 18 equal weighted members — is up 170% the year ended November.
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