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Despite facing major sell-offs and market headwinds, Bitcoin has maintained its status as 2024’s top-performing asset class, with a notable 49.2% gain year-to-date, according to a report from New York Digital Investment Group (NYDIG). Even with a modest 2.5% rise in the third quarter, the cryptocurrency continues to lead in gains across asset classes, bolstered by $4.3 billion inflows into U.S. spot ETFs and increased corporate holdings from companies like MicroStrategy and Marathon Digital.
In September, traditionally a bearish month, Bitcoin surprisingly surged 10%, showing resilience and benefiting from positive U.S. jobs data, which reported a stronger-than-expected addition of 254,000 jobs. This recent boost in performance aligns with Bitcoin’s emerging trend of a recovering price, which saw a 3.06% increase over the past 24 hours, reaching $63,905.
Looking forward, NYDIG’s research head Greg Cipolaro remains optimistic about Bitcoin’s prospects for the fourth quarter. With the U.S. election and global monetary policies potentially influencing markets, Cipolaro suggests Bitcoin could see significant gains, especially if former President Donald Trump, a crypto advocate, is re-elected.
