Cryptocurrencies
Crypto Is Beating Gold as 2020’s Top Asset So Far
- Decentralized finance, DeFi, powers 66% jump in crypto gauge
- Experts say DeFi spurred leveraged crypto bets via derivatives
This article is for subscribers only.
A cryptocurrency mania known as decentralized finance has helped to turn digital currencies into this year’s best-performing asset by far.
The Bloomberg Galaxy Crypto Index of digital coins is up about 66% in 2020, exceeding gold’s jump of more than 20% as well as returns from global stocks, bonds and commodities. A key reason for the move higher is a surge in Ethereum, which accounts for more than a third of the crypto gauge’s weight.