Hedge funds offering more diversified crypto portfolios surpassed Bitcoin last month, after the world's largest cryptocurrency fell from an all-time high.
According to the Eurekahedge hedge fund index, Bitcoin ended November with a 6.5% drop, while crypto-focused hedge funds lost only 2%.
This adds to the growing evidence that altcoins perform better than Bitcoin, especially after the latter exploded to nearly $ 69,000 in early November.
A good example of this is Ethereum, which surpassed Bitcoin this year. It was up 526% by November, while Bitcoin was only up by 100%.
The Eurekahedge index, which is composed of 18 equal-weight participants, also rose 170%.
And over the past day, Bitcoin only added 4%, while Ethereum added 7%. Other altcoins such as Solana and Polkadot gained 10-16% each.