Bitcoin Tops 2024 Asset Performance Despite Weak Q3, Says NYDIG
Ruholamin Haqshanas is a contributing crypto writer for CryptoNews. He is a crypto and finance journalist with over four years of experience. Ruholamin has been featured in several high-profile crypto...
Bitcoin remains the top-performing asset of 2024, even after navigating a “seasonally weak” third quarter, according to a report from the New York Digital Investment Group (NYDIG).
Despite a modest 2.5% gain over the quarter, the cryptocurrency managed to recover from its previous decline in the second quarter, though it faced considerable selling pressure throughout the period, noted NYDIG’s head of research, Greg Cipolaro, in an October 4 report.
“Bitcoin is still the best-performing asset class in 2024, but its lead has narrowed,” Cipolaro stated, highlighting a year-to-date increase of 49.2%.
While Bitcoin’s performance remains strong, it faced challenges from several headwinds, including creditor distributions from the Mt. Gox exchange and Genesis, totaling nearly $13.5 billion.
Additionally, significant sales of Bitcoin by the United States and German governments contributed to the market pressure, Cipolaro explained.
Amid this turbulence, other asset classes like precious metals and certain equity sectors have also posted gains, narrowing the gap between their performance and that of Bitcoin.
“Most asset classes have had a banner year,” Cipolaro noted, emphasizing that Bitcoin’s lead, while still present, has diminished as the broader market has also seen growth.
Despite a typically bearish trend for Bitcoin in September, the digital asset managed a 10% gain during the month, defying seasonal expectations.
This resilience was partly driven by growing demand for U.S. spot exchange-traded funds (ETFs), which accumulated $4.3
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