Despite seasonal weakness, Bitcoin remains the best-performing asset

On October 7th, the New York Digital Investment Group (NYDIG) reported that despite experiencing "seasonal weakness" in the third quarter, Bitcoin continues to be the best-performing asset this year. Greg Cipolaro, research director of NYDIG, pointed out in a report on October 4th that sales in the third quarter only increased by 2.5%, rebounding from the decline in the second quarter, but were hindered by a large amount of selling during the same period.

 

Cipolaro said, 'Bitcoin remains the best-performing asset class in 2024, but its lead has narrowed.' Bitcoin has risen 49.2% so far this year. For most of the past six months, trading has been range-bound due to significant unfavorable factors, including distributions of nearly $13.50 billion to Mt. Gox and Genesis creditors and large sales of BTC by the US and German governments.

 

Cipolaro added that other assets such as precious metals and certain stock sectors have also risen relative to BTC, and most asset classes have ushered in a "glorious year". In September, Bitcoin also surpassed expectations by 10%, which is usually a bearish month for Bitcoin.

 

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