{"id":51674,"date":"2024-09-21T01:48:00","date_gmt":"2024-09-21T01:48:00","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-outperformed-nearly-every-asset-class-past-year-van-eck"},"modified":"2024-09-21T06:24:51","modified_gmt":"2024-09-21T06:24:51","slug":"bitcoin-outperformed-nearly-every-asset-class-in-past-year-vaneck","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51674","title":{"rendered":"Bitcoin outperformed nearly every asset class in past year \u2014 VanEck"},"content":{"rendered":"

<\/p>\n

Bitcoin (BTC) has outperformed almost every asset class in the past 12 months, but a recent drawdown has investors \u201cspooked,\u201d according to a Sept. 19 report by asset manager VanEck.<\/p>\n

Spot BTC prices are up some 124% since September 2023, and BTC has gained relative share among cryptocurrencies, according to the report. Bitcoin\u2019s market capitalization \u2014 which is approximately $1.25 trillion as of Sept. 20 \u2014 comprises 56% of crypto\u2019s total, up some 15% since a year ago, VanEck said.<\/p>\n

VanEck expects Bitcoin\u2019s \u201clong term Bull Market\u201d to continue for the foreseeable future, adding that \u201cBitcoin\u2019s adoption as an investment vehicle isn\u2019t driven by the same forces today as in 2023.\u201d<\/p>\n

\"\"
Source: VanEck<\/em><\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>Bet more on the Bitcoin miners cashing in on AI<\/strong><\/em><\/p>\n

Previously, BTC adoption was largely a retail-driven phenomenon, accelerated in 2023 by \u201cinscriptions,\u201d which VanEck describes as \u201ca viral innovation enabling users to store media files directly on the Bitcoin blockchain.\u201d<\/p>\n

Inscriptions\u2019 waning popularity in 2024 contributed to an approximately 52% year-over-year decline in transaction fees on the Bitcoin network, the report said.<\/p>\n

Bitcoin\u2019s \u201cprice appreciation this year is better explained by growing adoption as money: a vehicle for storing and transferring value,\u201d VanEck said.<\/p>\n

In January, United States regulators authorized the listing of spot BTC exchange-traded funds (ETFs), which now command approximately $55 billion in net assets, according to data from fund researcher Morningstar.<\/p>\n

\"\"
Bitcoin often outperforms following halvings. Source: VanEck<\/em><\/p>\n<\/figcaption><\/figure>\n

Since then, wealth advisers have adopted BTC ETFs \u201cfaster than any new ETF in history,\u201d Matt Hougan, asset manager Bitwise\u2019s chief investment officer, said in a Sept. 9 post on the X platform.<\/p>\n

\u201cBitcoin\u2019s long-term growth is driven by powerful, enduring mega-themes: the rising need for decentralized, censorship-resistant networks, growing institutional adoption [\u2026] and increasing sovereign involvement in mining and cross-border trade,\u201d according to the report, which was authored by Matthew Sigel, VanEck\u2019s head of digital assets research.<\/p>\n

The biggest losers in the past 12 months were Bitcoin miners, who have had a \u201cterrible year\u201d in 2024, the report said. The Bitcoin network\u2019s April \u201chalving\u201d is largely to blame. Every four years, the number of BTC mined per block is reduced by half. The April event reduced mining rewards from 6.25 BTC to 3.125 BTC per block.<\/p>\n

That has weighed on BTC miners\u2019 fundamentals. \u201cThe Bitcoin Hashprice, a unit of profitability in the industry that measures the revenue earned for each one trillion cryptographic hash calculations per second, is down 97% year-over-year,\u201d VanEck said.<\/p>\n

Magazine: <\/strong><\/em>What Solana\u2019s critics get right\u2026 and what they get wrong<\/strong><\/em><\/p>\n

Check other news for today<\/span> and Please stand by..<\/p>\n

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\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) has outperformed almost every asset class in the past 12 months, but a recent drawdown has investors \u201cspooked,\u201d according to a Sept. 19 report by asset manager VanEck. Spot BTC prices are up … Bitcoin outperformed nearly every asset class in past year \u2014 VanEck<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51676,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5651],"tags":[139,3544,3812,5652,10,159,97],"class_list":["post-51674","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptonews","tag-bitcoin","tag-bitcoin-news","tag-cryptonews","tag-emilynews","tag-hyip","tag-hyipnews","tag-hyips","exalt-entry"],"yoast_head":"\nBitcoin outperformed nearly every asset class in past year \u2014 VanEck - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=51674\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin outperformed nearly every asset class in past year \u2014 VanEck - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin (BTC) has outperformed almost every asset class in the past 12 months, but a recent drawdown has investors \u201cspooked,\u201d according to a Sept. 19 report by asset manager VanEck. 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