{"id":811029,"date":"2024-12-08T10:49:49","date_gmt":"2024-12-08T16:49:49","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/08\/bitcoins-lead-narrows-but-still-outpaces-other-assets-despite-q3-downturn-nydig\/"},"modified":"2024-12-08T10:49:49","modified_gmt":"2024-12-08T16:49:49","slug":"bitcoins-lead-narrows-but-still-outpaces-other-assets-despite-q3-downturn-nydig","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2024\/12\/08\/bitcoins-lead-narrows-but-still-outpaces-other-assets-despite-q3-downturn-nydig\/","title":{"rendered":"Bitcoin\u2019s lead narrows but still outpaces other assets despite Q3 downturn: NYDIG"},"content":{"rendered":"<p>Bitcoins <\/p>\n<div data-id=\"150011\" data-url=\"https:\/\/cryptobriefing.com\/bitcoin-q3-performance-analysis\/\">\n<section>\n<div>\n<p><a href=\"https:\/\/cryptobriefing.com\/bitcoin\/\" rel=\"tag\"><br \/>\n                    Bitcoin                <\/a>\n                    <\/p>\n<\/div>\n<p><span><span><a href=\"https:\/\/cryptobriefing.com\/\">Home<\/a><\/span> \u00bb <span><a href=\"https:\/\/cryptobriefing.com\/bitcoin\/\">Bitcoin<\/a><\/span> \u00bb <span aria-current=\"page\">Bitcoin\u2019s lead narrows but still outpaces other assets despite Q3 downturn: NYDIG<\/span><\/span>        <\/p>\n<div>\n<div>\n<p><span>by<\/span><\/p>\n<div>\n<p><a data-author_id=\"29073\" href=\"https:\/\/cryptobriefing.com\/team\/vince-dioquino\/\" rel=\"author\">Vince Dioquino<\/a><\/p>\n<\/div><\/div>\n<p><time datetime=\"2024-10-07T04:13:01+00:00\"><br \/>\n                        Oct. 7, 2024                    <\/time>\n                            <\/p>\n<\/p><\/div>\n<\/section>\n<section>\n<h2>Bitcoins Bitcoin sees 49.2% year-to-date gain amid market challenges.<\/h2>\n<\/section>\n<section>\n            <picture><source media=\"(min-width: 850px)\" ><img decoding=\"async\" fetchpriority=\"high\" src=\"https:\/\/static.cryptobriefing.com\/wp-content\/uploads\/2024\/10\/06235745\/img-Lmf6TNVaaz1E1adpVLaPLqMZ-400x228.jpg\" alt=\"bitcoins Bitcoin Q3 performance chart.\" title=\"bitcoins img-Lmf6TNVaaz1E1adpVLaPLqMZ\">\n            <\/picture>\n        <\/section>\n<section>\n<section>\n<h3>Key Takeaways<\/h3>\n<ul>\n<li>Bitcoin recorded a modest 2.5% gain in Q3 despite market sell-offs.<\/li>\n<li>NYDIG notes Bitcoin&#8217;s year-to-date gain stands at 49.2%.<\/li>\n<\/ul>\n<\/section>\n<section>\n<p>Share this article<\/p>\n<\/section>\n<p>        <?xml encoding=\"UTF-8\"><\/p>\n<p>According to a recent note from New York Digital Investment Group\u2019s (NYDIG) research division, Bitcoin remains the best-performing asset class in 2024 despite a subdued third quarter. The alpha crypto\u2019s year-to-date gains of 49.2% still outpace other assets, though its lead has narrowed amid significant market challenges.<\/p>\n<p>NYDIG\u2019s research head Greg Cipolaro noted in an Oct. 4 <a href=\"https:\/\/viewemail.nydig.com\/q3-2024-review-and-look-ahead?ecid=ACsprvviE1pIG_S_e8el7NRceljCkYivnhlOcOQ_G57jqQlAylS4aPVpAEJhbDk33wKMHJ6E8qR9\" target=\"_blank\" rel=\"noopener nofollow noreferrer\">report<\/a> that Bitcoin gained just 2.5% in Q3, rebounding from Q2 losses but constrained by significant sell-offs. The asset faced headwinds from Mt. Gox and Genesis creditor distributions totaling nearly $13.5 billion, as well as large Bitcoin sales by the US and German governments.<\/p>\n<p>Despite these challenges, Bitcoin bucked seasonal trends with a 10% gain in September, typically a bearish month. Cipolaro highlighted continued demand from US spot exchange-traded funds (ETFs), which gathered $4.3 billion in total flows for the quarter, as a supporting factor. Increased corporate ownership from firms like MicroStrategy and Marathon Digital also bolstered Bitcoin\u2019s performance.<\/p>\n<h3>Post-Q3 recovery period<\/h3>\n<p>The cryptocurrency\u2019s price has shown signs of recovery in recent days, climbing 3.06% over the past 24 hours to $63,905 as of Monday morning in Hong Kong. This uptick coincided with the release of positive US jobs data, which showed 254,000 jobs added in September, exceeding forecasts and fueling optimism about the US economy.<\/p>\n<p>Cipolaro also noted that Bitcoin\u2019s rolling 90-day correlation with US stocks continued to rise during Q3, ending the quarter at 0.46. However, he maintained that Bitcoin still offers significant diversification benefits to multi-asset portfolios due to its relatively low correlation with other asset classes.<\/p>\n<p>The research highlighted that other assets, such as precious metals and certain equity industries, have made gains against Bitcoin, with most asset classes experiencing a \u201cbanner year.\u201d This narrowing of Bitcoin\u2019s lead underscores the competitive nature of the current investment landscape.<\/p>\n<p><html><body><\/p>\n<div class=\"ad-banner mrec-in-article\"><\/div>\n<p><\/body><\/html><\/p>\n<h3>Impact of US jobs data and elections to Bitcoin market<\/h3>\n<p>Looking ahead, Cipolaro expects Q4 to be traditionally bullish for Bitcoin, with several potential catalysts on the horizon. The upcoming US election on Nov. 5 is anticipated to play a significant role in market performance, with Cipolaro suggesting larger gains if former President Donald Trump, who has embraced the crypto industry, wins.<\/p>\n<blockquote>\n<p>\u201cWhile both candidates will be improvements over the Biden administration regarding their attitude towards crypto, Trump if he wins, will deliver bigger gains for the asset class given his full-throated endorsement of the industry,\u201d Cipolaro said.<\/p>\n<\/blockquote>\n<p>Additionally, factors such as global monetary easing and stimulus measures in China could further influence Bitcoin\u2019s trajectory in the coming months. Cipolaro reassured investors, stating that while investors \u201cmight be frustrated with the rangebound trading over the past 6 months,\u201d it remains that \u201cBitcoin is exactly where it was at this time in the previous two.\u201d<\/p>\n<section class=\"article-share\">\n<p>Share this article<\/p>\n<div class=\"social-icons\">\n          <button class=\"social-icon share\" data-href=\"https:\/\/x.com\/intent\/tweet?text=Bitcoin%E2%80%99s+lead+narrows+but+still+outpaces+other+assets+despite+Q3+downturn%3A+NYDIG&#038;url=https%3A%2F%2Fcryptobriefing.com%2Fbitcoin-q3-performance-analysis%2F&#038;via=crypto_briefing\" aria-label=\"Share on x\"><br \/>\n        <?xml version=\"1.0\" encoding=\"UTF-8\"?><br \/>\n                <svg width=\"40px\" height=\"40px\" viewBox=\"0 0 40 40\" version=\"1.1\" xmlns:xlink=\"http:\/\/www.w3.org\/1999\/xlink\">\n                <g id=\"surface1\">\n                <path style=\" stroke:none;fill-rule:nonzero;fill:rgb(0%,0%,0%);fill-opacity:1;\" d=\"M 17.867188 0.148438 C 10.839844 0.878906 4.558594 5.507812 1.707031 12.054688 C -0.132812 16.28125 -0.441406 21.148438 0.867188 25.625 C 2.480469 31.214844 6.652344 35.933594 12.054688 38.292969 C 16.28125 40.132812 21.148438 40.4375 25.628906 39.132812 C 32.332031 37.199219 37.613281 31.695312 39.347656 24.851562 C 42.054688 14.132812 35.414062 3.171875 24.667969 0.613281 C 22.304688 0.0546875 20.226562 -0.09375 17.867188 0.148438 Z M 18.132812 12.535156 C 19.839844 14.800781 21.28125 16.667969 21.332031 16.667969 C 21.386719 16.667969 23.160156 14.800781 25.253906 12.535156 L 29.078125 8.398438 L 31.253906 8.398438 L 30.785156 8.894531 C 30.519531 9.171875 28.785156 11.054688 26.933594 13.066406 C 25.078125 15.078125 23.265625 17.039062 22.90625 17.398438 L 22.265625 18.078125 L 27.265625 24.734375 C 30.011719 28.398438 32.265625 31.441406 32.265625 31.492188 C 32.265625 31.558594 30.628906 31.601562 28.640625 31.601562 L 25 31.585938 L 21.613281 27.054688 C 19.28125 23.921875 18.1875 22.574219 18.078125 22.652344 C 18 22.71875 16.105469 24.761719 13.867188 27.1875 L 9.800781 31.601562 L 8.773438 31.601562 C 8.199219 31.601562 7.734375 31.574219 7.734375 31.535156 C 7.734375 31.492188 9.851562 29.171875 12.441406 26.386719 C 15.011719 23.601562 17.148438 21.265625 17.171875 21.226562 C 17.1875 21.171875 15.066406 18.28125 12.464844 14.800781 C 9.867188 11.332031 7.734375 8.464844 7.734375 8.441406 C 7.734375 8.414062 9.371094 8.398438 11.386719 8.398438 L 15.039062 8.398438 Z M 18.132812 12.535156 \" \/>\n                <path style=\" stroke:none;fill-rule:nonzero;fill:rgb(0%,0%,0%);fill-opacity:1;\" d=\"M 11.027344 10.1875 C 11.082031 10.28125 14.441406 14.785156 18.464844 20.171875 L 25.800781 29.988281 L 27.441406 30 C 28.453125 30 29.066406 29.945312 29.039062 29.867188 C 29.027344 29.800781 25.679688 25.292969 21.628906 19.867188 L 14.238281 10 L 12.585938 10 C 11.214844 10 10.933594 10.027344 11.027344 10.1875 Z M 11.027344 10.1875 \" \/>\n                <\/g>\n                <\/svg>      <\/p>\n<\/section>\n<\/div>\n<p> Vince Dioquino <a href=\"https:\/\/cryptobriefing.com\/bitcoin-q3-performance-analysis\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin Home \u00bb Bitcoin \u00bb Bitcoin\u2019s lead narrows but still outpaces other assets despite Q3 downturn: NYDIG by Vince Dioquino Oct. 7, 2024 Bitcoin sees 49.2% year-to-date gain amid market challenges. Key Takeaways Bitcoin recorded a modest 2.5% gain in Q3 despite market sell-offs. NYDIG notes Bitcoin&#8217;s year-to-date gain stands at 49.2%. Share this article<\/p>\n","protected":false},"author":1,"featured_media":811030,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27753,35803],"tags":[11476],"class_list":{"0":"post-811029","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","8":"category-narrows","9":"tag-bitcoins"},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/811029","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=811029"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/811029\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/811030"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=811029"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=811029"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=811029"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}