Goldman Sachs Names Bitcoin Best Asset Player

Wall Street giant Goldman Sachs’ year-to-date asset performance report has ranked Bitcoin as the best-performing asset of 2023. This development comes amid a bold recovery in the cryptocurrency market since the beginning of the year, with total market capitalization holding levels. past $1 trillion.

Goldman Sachs ranks Bitcoin as the best performing asset

Bitcoin took a huge hit during the crypto winter of 2022, with the token losing more than two-thirds of its value from its all-time highs. However, since the beginning of 2023, the trend seems to be reversing. Bitcoin is up 37% over the last month.

The Goldman Sachs report evaluated some of Bitcoin’s characteristics and ranked its superiority against other assets such as gold, real estate, the S&P 500, and the Nasdaq 100. The report further notes that Bitcoin has outperformed other assets such as energy and information technology. , MSCI and healthcare.

A screenshot Goldman Sachs’ year-to-date asset performance report also showed that Bitcoin held the top position after generating 27% in total returns. The asset also had a 3:1 risk-adjusted ratio. The other assets categorized in the report lagged behind Bitcoin, with MSCI coming in second with a total return of 8%.

Goldman Sachs included Bitcoin in its early 2021 performance report. Adding the asset to this report helped bring Bitcoin into mainstream finance, as previous years were marked by much skepticism. Goldman Sachs has been open to Bitcoin offers, and the Wall Street giant introduced crypto services to its high-net-worth clients during the second quarter of 2022 amid increased demand.

The crypto market crisis in 2022 was behind the significant drop in the price of Bitcoin and other cryptocurrencies. The collapse of Terra, Celsius, Three Arrows Capital, Voyager, BlockFi, and FTX caused a notable drop in the market. Investors have also turned their attention away from risky assets like cryptocurrencies, as the Federal Reserve aggressively raised interest rates to rein in inflation.

While the Goldman Sachs report has ranked Bitcoin as one of the best performing assets, another report by CoinGecko has ranked Bitcoin as the worst performing asset compared to other leading coins. The CoinGecko report also noted that spot market trading volumes had dropped by 67%.

Bitcoin Price Maintains Rally

Bitcoin seems to be the best one to go higher, given the performance seen in the last few weeks. Traders are bullish on the short term and expect the coin to head towards $30,000. At the time of writing, Bitcoin was trading at $23,153, according to data from CoinGecko, after gaining 2.2%.

Bitcoin’s market capitalization has risen significantly due to the recent rally. The coin currently has a market capitalization of $446 billion, and by this gauge, Bitcoin has outperformed some of the largest financial institutions, including Bank of America, JPMorgan Chase, and Wells Fargo.

There is speculation about the results of the upcoming Federal Open Market Committee (FOMC) meeting. The Federal Reserve is expected to soften interest rate hikes, and the decision will determine whether Bitcoin will rise or fall.

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