While Bitcoin showed a downward trend after its ATH in March, testing below $60,000, it has increased by 46% since the beginning of 2024.
Commenting on Bitcoin’s success, Matrixport stated that BTC overshadowed traditional assets such as Nasdaq, gold, S&P 500 and oil.
According to the Matrixport report, Bitcoin and Ethereum became the most profitable assets in the first half of 2024, while BTC, ETH and cryptocurrencies in general outperformed a variety of traditional investments, including Nasdaq, S&P 500, oil, gold, US dollar and government bonds.
According to data, this year Nasdaq is 20%; While S&P increased by 15.1%, BTC increased by 46.0%; ETH increased by 48.3%.
Matrixport noted that the approval of spot Bitcoin ETFs in January was a key factor in BTC’s performance.
“Half of 2024 is behind us.
As we enter the second half and third quarter of 2024, Ethereum and Bitcoin are once again leading growth among other traditional asset classes.
Since the approval of the Bitcoin ETF in January, asset managers no longer have any excuse not to have Bitcoin as part of their asset allocation strategy.
As a result, Bitcoin in particular has once again become the best-performing asset so far this year.”
#Matrixport 📈Today-Jul 1: #Crypto Is The Best Asset Class YtD👑#BTC #ETH #cryptocurrency pic.twitter.com/L8HxDwFRvP
— Matrixport Official English (@Matrixport_EN) July 1, 2024
Bitcoin Broke Its Downtrend!
Matrixport also stated in the report that Bitcoin broke the downtrend. Pointing out that Bitcoin reached the lowest level that can be dropped in the Matrixport Greed and Fear Index on June 25, Matrixport stated that this typically indicates a price recovery.
Matrixport also stated that Bitcoin was oversold and broke the short-term downtrend over the weekend. “Bitcoin broke the short-term downtrend over the weekend. Obstacles remain for a sustainable rally, but a tactical recovery still took place.” said.
#Matrixport 📈Today-Jul 2: #Bitcoin Has Broken The Downtrend#CryptoFinance #cryptocurrency #BTC pic.twitter.com/UGYyA1rIiX
— Matrixport Official English (@Matrixport_EN) July 2, 2024
*This is not investment advice.
