CoinGecko noted that Bitcoin has decisively outperformed traditional assets over the past decade. However, recent market turbulence has flipped the script in 2026, according to a fresh CoinGecko research report titled “Bitcoin vs Traditional Assets Over 10 Years.” The analysis by Head of Research Zhong Yang Chan at CoinGecko compares Bitcoin’s price returns against the S&P 500, gold, crude oil, and U.S. Treasuries (both 5-year and 10-year notes) across multiple time frames.
Drawing on data from CoinGecko and Yahoo Finance, the study underscores Bitcoin’s high-reward profile while highlighting its extreme volatility and shifting correlations with conventional markets.
Over the full 10-year horizon ending late 2024, Bitcoin delivered an astonishing cumulative return of 26,931 percent.
A modest $100 investment made in 2014 would now be worth more than $27,000.
By contrast, the S&P 500 returned 193 percent, 5-year Treasuries gained 157 percent, gold rose 126 percent, 10-year Treasuries advanced 87 percent, and crude oil eked out just 4 percent.
Bitcoin’s dominance is even more pronounced on a five-year basis, where it surged 1,284 percent versus the S&P 500’s 97 percent and gold’s 85 percent.
Shorter intervals reveal a more mixed picture: over the past year, Bitcoin posted 153 percent gains, outpacing gold (35 percent) and the S&P 500 (33 percent).Yet 2026 has been brutal for cryptocurrency investors.
As of March 10, Bitcoin’s year-to-date performance stood at minus 21 percent, making it the worst performer among major assets.
Crude oil, buoyed by Middle East tensions and the U.S.-Israel strike on Iran in late February, soared 43 percent. Gold climbed 21 percent, while the S&P 500 slipped 1 percent.
The report notes Bitcoin has stabilized between $65,000 and $75,000 after dipping to $62,800 in early February, supported by $1.9 billion in inflows to U.S. spot Bitcoin ETFs since February 20.
Volatility remains Bitcoin’s defining trait.
The asset has endured multiple 70-plus percent drawdowns following its four-year halving cycles, yet each recovery has propelled new highs.
The study also examines correlations.
Bitcoin’s link with the S&P 500 has strengthened since 2020, reaching a moderate 0.49 in early 2026.
Meanwhile, its relationship with gold turned negative at minus 0.69 this year, hinting at possible decoupling and Bitcoin’s evolving role beyond a simple equity proxy.
Risk-adjusted metrics further illustrate trade-offs.
Treasuries led three-year returns with over 200 percent gains, offering stability during uncertain times.
Gold continues to serve as a reliable inflation hedge, while crude oil’s long-term lag reflects supply dynamics.
The report cautions that Bitcoin’s outsized returns stem partly from its smaller starting market capitalization compared with mature asset classes.
In conclusion, CoinGecko’s research affirms Bitcoin’s transformative potential for patient investors despite short-term setbacks.
As geopolitical shocks and macroeconomic forces reshape portfolios in 2026, the data suggests Bitcoin is maturing into a distinct asset class—one capable of delivering exceptional long-term growth but demanding tolerance for sharp swings.
CoinGecko has now concluded that traditional assets still tend to provide diversification and downside protection, yet no other investment has matched Bitcoin’s decade-long track record.