{"id":51769,"date":"2024-10-07T03:47:15","date_gmt":"2024-10-07T03:47:15","guid":{"rendered":"https:\/\/cointelegraph.com\/news\/bitcoin-best-performing-asset-after-weak-q3-nydig"},"modified":"2024-10-07T04:54:15","modified_gmt":"2024-10-07T04:54:15","slug":"bitcoin-still-the-best-performing-asset-after-weak-q3-nydig","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=51769","title":{"rendered":"Bitcoin \u2018still the best-performing asset\u2019 after weak Q3: NYDIG"},"content":{"rendered":"

Bitcoin remains the best-performing asset so far this year, even after a \u201cseasonally weak\u201d third quarter, says the New York Digital Investment Group (NYDIG).<\/p>\n

Bitcoin (BTC) gained just 2.5% over Q3, bouncing back after falling in the second quarter but hamstrung by large sales over the period, said NYDIG\u2019s research head Greg Cipolaro in an Oct. 4 note.<\/p>\n

\u201cBitcoin is still the best-performing asset class in 2024, but its lead has narrowed,\u201d Cipolaro said. He noted the cryptocurrency has seen a year-to-date gain of 49.2%.<\/p>\n

Trading has remained largely rangebound for much of the past six months amid significant headwinds such as the Mt. Gox and Genesis creditor distributions \u2014 together totaling nearly $13.5 billion \u2014 and large BTC sell-offs from the United States and German governments.<\/p>\n

\"Investments\"
Asset returns year-to-date. Source: NYDIG<\/p>\n<\/figcaption><\/figure>\n

Other assets, such as precious metals and certain equity industries, have made a gain against BTC with most asset classes having a \u201cbanner year,\u201d Cipolaro added.<\/p>\n

Bitcoin also bucked the trend making 10% in September, which is usually a bearish month for the asset.<\/p>\n

Factors influencing recent performance include continued demand from US spot exchange-traded funds (ETFs), which gathered $4.3 billion in total flows for the quarter.<\/p>\n

There was also increased corporate ownership of Bitcoin from firms such as software firm MicroStrategy and crypto miner Marathon Digital.<\/p>\n

Cipolaro also reported that Bitcoin\u2019s rolling 90-day correlation with US stocks continued to rise during Q3, ending the quarter at 0.46, but claimed it remained a good option for diversification.<\/p>\n

\u201cWhile Bitcoin\u2019s correlation with equities rose, the most recent level is still low, implying that Bitcoin offers significant diversification benefits to multi-asset portfolios.\u201d<\/p><\/blockquote>\n

\"Investments\"
BTC correlations with other asset classes. Source: NYDIG<\/p>\n<\/figcaption><\/figure>\n

Related: <\/strong><\/em>\u2018Uptober\u2019 mentions on social media plummet amid crypto rout<\/strong><\/em><\/p>\n

Crypto markets were buoyed toward the end of Q3 amid political developments including former President Donald Trump\u2019s embrace of the crypto industry, global monetary easing with the Federal Reserve cutting rates, and China\u2019s central bank introducing stimulus measures and increasing the money supply.<\/p>\n

Cipolaro noted that the upcoming US election on Nov. 5 will play a big part in market performance for Q4, and expects larger gains if Trump wins.<\/p>\n

\u201cWhile both candidates will be improvements over the Biden administration regarding their attitude towards crypto, Trump if he wins, will deliver bigger gains for the asset class given his full-throated endorsement of the industry,\u201d Cipolaro wrote.<\/p>\n

Cipolaro said that Q4 is traditionally a bullish period for BTC and there are a number of catalysts that could see history rhyme.<\/p>\n

\u201cWhile investors might be frustrated with the rangebound trading over the past 6 months, rest assured, as compared with the previous cycles, Bitcoin is exactly where it was at this time in the previous two.\u201d<\/p><\/blockquote>\n

\"Investments\"
Current market cycle position. Source: NYDIG<\/p>\n<\/figcaption><\/figure>\n

Magazine: <\/strong><\/em>Will Satoshi be doxxed? Banks to join SWIFT digital asset trials and more: Hodler\u2019s Digest<\/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 remains the best-performing asset so far this year, even after a \u201cseasonally weak\u201d third quarter, says the New York Digital Investment Group (NYDIG). Bitcoin (BTC) gained just 2.5% over Q3, bouncing back after falling … Bitcoin \u2018still the best-performing asset\u2019 after weak Q3: NYDIG<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":51770,"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-51769","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 \u2018still the best-performing asset\u2019 after weak Q3: NYDIG - 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=51769\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin \u2018still the best-performing asset\u2019 after weak Q3: NYDIG - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Bitcoin remains the best-performing asset so far this year, even after a \u201cseasonally weak\u201d third quarter, says the New York Digital Investment Group (NYDIG). 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