New York Digital Investment Group (NYDIG) said that despite experiencing a seasonally weak third quarter, bitcoin remains the best performing asset so far this year. Greg Cipolaro, head of research at NYDIG, said in an Oct. 4 note that sales rose just 2.5 percent in the third quarter, rebounding after falling in the second quarter but being hampered by massive sales over the same period.
Bitcoin remains the best performing asset class in 2024, but its lead has narrowed, Cipolaro said. Bitcoin is up 49.2% year-to-date. Trading has remained largely range-bound for most of the past six months due to major headwinds such as Mt. Gox and Genesis creditor distributions (totaling nearly $13.50 billion) and heavy selling of BTC by the U.S. and German governments.
Cipolaro added that other assets such as precious metals and certain equity sectors are up against BTC, and most asset classes have had a stellar year. Bitcoin also bucked the trend and rose 10% in September, which is usually a bearish month for the asset.
Report: Bitcoin remains the best performing asset so far this year
2024-10-07 05:11:14
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