Despite recent challenges and market pressure, the largest cryptocurrency by market capitalization demonstrates notable favorability and remains the best-performing asset in 2024.
According to a recent report from NYDIG, Bitcoin boasts a gain of 2.5% in the third quarter of 2024, reversing losses from the same previous time period.
However, its trade remains in a fairly limited range, fluctuating between US$54,000 and US$70,000 in the last six months. This behavior reflects both the resilience of Bitcoin and the pressures to which the crypto market has been subjected.
NYDIG (New York Digital Investment Group) is a financial company specialized in blockchain technology and the cryptocurrency market. Founded in 2017, its main focus is to offer Bitcoin-based financial services and products for institutions, investors and corporate clients. Therefore, their reports are quite coveted in the crypto ecosystem.
It should be noted that the company is known for its role in creating institutional solutions that comply with regulatory and security regulations around cryptocurrencies, providing custody, transaction execution, financing and advisory services.
Data from the Bitcoin report in 2024
One of the key events that influenced Bitcoin’s performance was the resolution of major bankruptcy cases, such as Mt. Gox, which resulted in billions of dollars worth of Bitcoin being returned to creditors.
This fact, added to the liquidation of Bitcoins by the governments of the United States and Germany, generated uncertainty in the market. While the actual sales were not massive, the fear of these coins flooding the market created downward pressure on the price.
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Despite These Obstacles, Bitcoin Stands Out as the Best-Performing Asset in 2024although its advantage over other assets has narrowed, particularly due to increased volatility in August.
The report highlights that many investors viewed the third quarter as a difficult period, as other traditional assets such as utilities, real estate and small-cap stocks outperformed cryptocurrency. However, Bitcoin’s surprise gain in September broke historical trends, as this is typically a weak month for the cryptocurrency.
Source: Ambito
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