Bitcoin Remains Best Asset in 2024, Despite Volatile Q3!

Today (October 7), the analysis firm New York Digital Investment Group (NYDIG) released a remarkable report on the situation of BTC (Bitcoin) in 2024.

“Despite a volatile Q3, Bitcoin remains the best-performing asset class in 2024 — although the lead has narrowed,” Greg Cipolaro, director of research at NYDIG, said in the report.

NYDIG's research director believes that BTC has not been able to break out of the ATH of $73,800 for the past 6 months due to significant selling pressure from the German & US governments (worth over $3 billion) as well as the repayment of BTC to creditors of Mt. Gox and Genesis (worth nearly $13.5 billion).

As of writing, the price of BTC (Bitcoin) is currently trading around $63,500 - up slightly by 0.3% since the beginning of October.

BTC closed September with a 7.4% gain - its best September performance since 2013. Cipolaro said this was quite surprising because BTC usually drops sharply in September - a time when liquidity is lacking.

Cipolaro noted that despite a slight increase of only 2.5% in Q3, BTC price has seen a nearly 50% increase since the beginning of 2024, other assets such as Gold, Silver, Stocks, … also had a successful 2024 - in contrast to the painful decline in 2022.

Gold has gained 26.5% since the beginning of the year, while Silver has gained 30.6%. The US Nasdaq Composite Index has also recorded a gain of 21.8% in the first 9 months of this year.

Cipolaro believes that the Crypto market has recovered well at the end of the third quarter amid many positive news releases, including Mr. Donald Trump's support for BTC, economic easing policies from the world's leading economies such as the US & China, ...

The report said that Q4 is typically a bullish period for BTC, with 2024 potentially having major catalysts that could cause history to repeat itself. Cipolaro noted that the upcoming US presidential election on November 5 will have a major impact on the performance of the crypto market in Q4.

“Although both candidates (Donald Trump & Kamala Harris) are more positive towards crypto than Biden, if Trump wins, Bitcoin will benefit more due to his full support for the crypto industry,” he added.

Cipolaro also highlighted that Bitcoin’s 90-day correlation with US stocks continued to increase in Q3, ending the quarter at 0.46.

“While Bitcoin’s correlation with stocks has increased, it remains low, implying that Bitcoin may be a suitable asset for portfolio diversification,” he concluded.

At the end of the report, Cipolaro still expressed confidence in the long-term bullish potential of BTC. He also reassured investors that after 6 months of "sleeping on thorns and tasting gall", the time to enjoy the fruits of our labor is near.