In 2024, Bitcoin has achieved unprecedented heights, surpassing its rivals in spectacular fashion, as reported by Matrixport. Despite experiencing a decline below $60,000 after its ATH in March, Bitcoin has surged by 46% since the year began.
Matrixport highlights that Bitcoin has outshined traditional assets such as Nasdaq, gold, S&P 500, and oil. The report underscores Bitcoin and Ethereum as the most lucrative investments in the first half of 2024, outperforming not only these traditional assets but also the US dollar and government bonds.
Comparatively, Nasdaq saw a 20% rise this year, while S&P 500 increased by 15.1%. In contrast, Bitcoin soared by 46.0%, and Ethereum rose by 48.3%. Matrixport attributes Bitcoin’s performance to the approval of spot Bitcoin ETFs in January, a pivotal event that bolstered its market standing.
Looking ahead to the second half of 2024, Matrixport predicts continued leadership from Ethereum and Bitcoin among traditional asset classes. With the approval of Bitcoin ETFs, asset managers are increasingly integrating Bitcoin into their investment strategies, further solidifying its position as the top-performing asset of the year.
Matrixport’s report also notes Bitcoin’s recent breakthrough, breaking the downtrend and recovering from its oversold state. Despite challenges ahead, this tactical recovery signals potential for sustained growth in the cryptocurrency market.
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