Bitcoin Still 2024’s Best Asset Despite Market Challenges
2024-10-07

According to the latest report from New York Digital Investment Group (NYDIG), Bitcoin continues to stand out as the best-performing asset in 2024. Additionally, Q4 is expected to remain positive for Bitcoin’s price, despite facing various challenges.
The report also said that Bitcoin has a lot of momentum to continue to increase in Q4.
Bitcoin Maintains a 49.2% Increase in 2024
Despite a large 30% decline in Q3, Bitcoin has so far managed to stay above $60,000. When compared to other assets in 2024, its performance far surpasses that of precious metals and stocks, with a 49.2% year-to-date increase. In contrast, silver has risen by 30.6% and gold by 26.5%.
However, in Q3 alone, Bitcoin’s gains were modest, lagging behind traditional assets with just a 2.5% increase. This dip is attributed to selling pressure from governments during Q3, which stirred concerns among investors.
“At play during the quarter was the (near) resolution of numerous bankruptcies, including the long-running Mt Gox bankruptcy, which saw billions in BTC returned to creditors. The US government and German authorities (BKA) were also notable sellers during the quarter,” NYDIG reports.
Reasons for Optimism About Bitcoin’s Q4 Performance
Despite this, the report remains optimistic about Bitcoin’s outlook in Q4. The bullish forecast is based on several key factors:
“If Bitcoin continues following the trajectory of global M2 money supply, it’s heading to $90,000 before the end of the year,” Investor Joe Consorti predicts
Additionally, other signals reinforce the bullish case for Bitcoin in Q4. Bitcoin ETFs continue to increase their BTC holdings, while major companies like MicroStrategy and Marathon Digital show no signs of slowing down their Bitcoin accumulation.
Historical data reveals that Bitcoin often posts average gains of over 81% in Q4, with the price closing in the green in 7 of the past 11 years.