Wall Street’s top companies betting on cryptocurrency to succeed vastly outperformed the general S&P 500 during March’s market crash.

According to data compiled by Yahoo Finance, a collection of publicly-traded companies with a $1 billion market cap or higher who are actively involved in cryptocurrencies outperformed the S&P 500 by a wide margin during March, despite the collapse in bitcoin prices.

The list of fourteen companies, which includes Microsoft Corporation, NVIDIA and PayPal among others, managed a 35.62% 1-month return through March. In comparison, the general S&P 500 index witnessed a 20.49% loss over the last month.

Despite the crypto markets losing more than $93 billion in market capitalization during Mar. 12’s crash, the price of bitcoin fell only 10 percent during Q1 2020 compared to the Dow losing more than 23% of its value through the first three months of the year.

While bitcoin failed to live up to its hype as a “safe-haven asset” against traditional economic volatility, some analysts are pointing to crypto’s relatively new and underdeveloped market presence.

Vijay Ayyar, head of business development at crypto exchange Luno, told CNBC,

Bitcoin is still a relatively smaller asset class that is increasingly uncorrelated to traditional asset classes and this is in the process of being established as we speak.

He concluded,

The current market environment is a big test for Bitcoin and given how young the asset class is, it has actually held up quite well.

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