Cryptocurrency

United

Bitcoin

<div class="finbold">
 <p class="paragraph">In a year marked by economic uncertainty, persistently high inflation, and concerns over rising interest rates, Bitcoin (BTC) has emerged as the star performer, outperforming other traditional asset classes. This performance by Bitcoin is notable despite the cryptocurrency mostly trading in a consolidation phase.</p>
 <div></div>
 <p class="paragraph">In particular, Bitcoin has emerged as the top-performing <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> <a rel="noopener noreferrer nofollow" title="class" href="https://thebittimes.com/tag/class.html">class</a> in 2023, with gains of 63.3%, leading among 40 selected <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> <a rel="noopener noreferrer nofollow" title="classes" href="https://thebittimes.com/tag/classes.html">classes</a>, according to data published by <em>NYDIG</em> on October 6.</p>
 <p class="paragraph">Among these assets, the second-best performer is US large-cap growth, with gains of 28.2%. Meanwhile, Bitcoin has surpassed other notable assets, including the US stock market (12.2%), commodities (6%), cash (3.8%), and gold (1.1%).</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="963" height="1024" src="https://cdn.thebittimes.com/images/2023/10/07/8421a0d330e9eb955f06121b168b755a.webp" alt class="wp-image-131667" srcset="https://cdn.thebittimes.com/images/2023/10/07/8421a0d330e9eb955f06121b168b755a.webp 963w, https://cdn.thebittimes.com/images/2023/10/07/8421a0d330e9eb955f06121b168b755a.webp 282w, https://cdn.thebittimes.com/images/2023/10/07/8421a0d330e9eb955f06121b168b755a.webp 768w, https://cdn.thebittimes.com/images/2023/10/07/8421a0d330e9eb955f06121b168b755a.webp 1058w" sizes="(max-width: 963px) 100vw, 963px">
  <figcaption class="wp-element-caption"><em>YTD 2023 asset class returns. Source: NYDIG</em>
  </figcaption>
 </figure>
 <p class="paragraph">One of the most striking aspects of Bitcoin’s performance this year has been its ability to maintain a relatively narrow trading range despite significant external pressures. The digital currency has held within the $25,000 to $31,000 range, resisting attempts to break out in either direction. Notably, the year-to-date gains have persisted, although Bitcoin experienced a slowdown in the third quarter, where the <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> dropped by 11.1%.</p>
 <div class="not-prose relative overflow-auto scrollbar-hide mb-8 mt-8">
  <div class="relative w-full flex gap-6 snap-x snap-mandatory overflow-x-auto">
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/07/ef7d45c7816ff3a1d54341d50b73d441.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="top-5-cryptocurrencies-with-the-highest-address-activity">Top 5 cryptocurrencies with the highest address activity</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/07/a5052e72ad1bb197be2521c5367d7d3f.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="3-cryptocurrencies-to-avoid-trading-in-october">3 cryptocurrencies to avoid trading in October</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/07/0177d950522779b19c0462c5ef09218d.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="antpool-is-now-the-biggest-bitcoin-mining-pool-reaping-20m-in-3-days">AntPool is now the biggest Bitcoin mining pool, reaping $20M in 3 days</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/06/d48cf096ace254be94d068bccc03bc1c.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="bulls-vs-bears-crypto-analysts-split-on-bitcoin-predictions">Bulls vs. Bears: Crypto analysts split on Bitcoin predictions</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
   <div class="max-w-[300px]">
    <div class="py-0 first:pt-0 last:pb-0">
     <div class="flex gap-x-4">
      <div class="shrink-0  w-24"><img data-src="https://cdn.thebittimes.com/images/2023/10/07/1f559b8afd83f71c107fe1122097f69e.webp" alt class=" w-full rounded-md lazy">
      </div>
      <div>
       Cryptocurrency 
       <h3 class="font-bold leading-6 " id="robert-f-kennedy-vows-to-end-of-white-house-war-on-bitcoin-if-elected">Robert F. Kennedy vows to end of ‘White House war on Bitcoin’ if elected</h3>
       <div class="sm:flex gap-x-3 mt-2">
       </div>
      </div>
     </div>
    </div>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">According to the report, this stability has been maintained despite a series of events, including court rulings, macroeconomic shifts, concerns about a government shutdown, debates about the debt ceiling, and ongoing efforts to gain approval for a spot Bitcoin Exchange-Traded Fund (ETF) in the United States.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-drivers-for-a-possible-rally">Bitcoin drivers for a possible rally</h2>
 <p class="paragraph">However, the report authors state that Bitcoin still has the potential to rally, driven by several factors.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“Nevertheless, it is important to acknowledge that bitcoin is largely driven by unique idiosyncratic factors. Looking ahead, we are optimistic that significant industry developments, such as the potential introduction of a spot ETF and the upcoming halving, will play a more prominent role in driving bitcoin’s value in the future,” the report said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">In the meantime, the market is closely monitoring potential price levels that could signal the start of a bull market. As reported by Finbold, Bitcoin needs to maintain its bull market support level at $24,900.</p>
 <p class="paragraph">Alongside the ETF news, analysts have been examining short-term catalysts that could trigger a brief bull run, such as a significant deviation to the upside in the jobs report.</p>
 <p class="paragraph">In this context, the Bureau of Labor Statistics reported adding 336,000 jobs in September, surpassing economists’ forecasts of just 170,000. The unemployment rate remained unchanged at 3.8%, defying expectations of a decline to 3.7%. While this development initially caused a minor drop in Bitcoin’s price, the <a rel="noopener noreferrer nofollow" title="asset" href="https://thebittimes.com/tag/asset.html">asset</a> has since made slight gains.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">By press time, Bitcoin was valued at $27,906 with daily gains of almost 1%. On the weekly chart, Bitcoin was up by nearly 4%.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="683" src="https://cdn.thebittimes.com/images/2023/10/07/dff275ea6d159524e6883f79fa477d67.webp" alt class="wp-image-131665" srcset="https://cdn.thebittimes.com/images/2023/10/07/dff275ea6d159524e6883f79fa477d67.webp 1024w, https://cdn.thebittimes.com/images/2023/10/07/dff275ea6d159524e6883f79fa477d67.webp 300w, https://cdn.thebittimes.com/images/2023/10/07/dff275ea6d159524e6883f79fa477d67.webp 768w, https://cdn.thebittimes.com/images/2023/10/07/dff275ea6d159524e6883f79fa477d67.webp 1200w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">Under technical analysis, the one-day gauges retrieved from<em> TradingView</em> are dominated by bullish sentiments. A summary of the one-day meters aligns with the ‘buy’ sentiment at 13, while moving averages are for a ‘strong buy’ at 12. Oscillators are ‘neutral’ at 8.&nbsp;</p>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="200" src="https://cdn.thebittimes.com/images/2023/10/07/8f47b3d9c5ffb8cfff7f2f9c7e2f89b5.webp" alt class="wp-image-131666" srcset="https://cdn.thebittimes.com/images/2023/10/07/8f47b3d9c5ffb8cfff7f2f9c7e2f89b5.webp 1024w, https://cdn.thebittimes.com/images/2023/10/07/8f47b3d9c5ffb8cfff7f2f9c7e2f89b5.webp 300w, https://cdn.thebittimes.com/images/2023/10/07/8f47b3d9c5ffb8cfff7f2f9c7e2f89b5.webp 768w, https://cdn.thebittimes.com/images/2023/10/07/8f47b3d9c5ffb8cfff7f2f9c7e2f89b5.webp 1536w, https://cdn.thebittimes.com/images/2023/10/07/8f47b3d9c5ffb8cfff7f2f9c7e2f89b5.webp 1590w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin technical analysis. Source: TradingView</em>
  </figcaption>
 </figure>
 <p class="paragraph">At the moment, attention remains on how Bitcoin will move in the short term, considering that the maiden crypto is targeting reclaiming $30,000, a key level for a possible bull run.&nbsp;</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
 <p class="paragraph"></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bitcoin-is-2023-s-best-performing-asset-among-40-wealth-classes-tbt65478.html">https://thebittimes.com/bitcoin-is-2023-s-best-performing-asset-among-40-wealth-classes-tbt65478.html</a></p>

Bitcoin is 2023’s best-performing asset among 40 wealth classes

Table of Contents

TheBitTimes

Other articles published on Oct 7, 2023

Here Are The Top 5 Crypto Token Unlocks For October 2023

OpenAI Commence on the Path of Developing its Own AI Chips

Bitcoin or Ethereum: Which is More Superior in the Great Race? Matrixport declares its Side

Donaswap Unleashes Multichain EVM DEX on Optimism Mainnet and Goerli Testnet for Developers

Render Crypto Becomes The Top Gainer: Know Daily Price Targets

Cardano Secures #1 Spot in GitHub Rankings: Leading the Blockchain Revolution

Join our free newsletter for daily crypto updates!