Banking giant Goldman Sachs has ranked it as the world’s best-performing crypto asset.
This crypto asset ranks first
Ahead of gold, the US Treasury, the S&P 500, and others, banking giant Goldman Sachs ranks Bitcoin (BTC) among the top 1 performing assets year-to-date, according to a Twitter user.
According to Goldman Sachs, Bitcoin has surpassed cryptocurrency pairs and major financial institutions of the traditional market with a risk-adjusted return (Sharpe ratio) of 3.1. The Sharpe Ratio is used to measure performance adjusted for market volatility; the higher the ratio, the better the investment, currency or stock in terms of risk-adjusted returns.
Bitcoin takes the lead in broad market recovery
On smaller timeframes, Bitcoin continues its quest to regain lost territory. Slowly but steadily, Bitcoin is trying to climb above the $23,800 resistance level. Bitcoin seems to be experiencing a healthy pullback below the resistance line in search of bullish momentum.
Despite the recent crisis of the cryptocurrency market alone with the collapse of FTX and the world economy going into free fall, with consequences for investors and institutions, the market has also noted the return of market makers on cryptocurrency exchanges.
According to CoinGecko’s annual report, unlike Goldman Sachs’ report, Bitcoin is the worst performing asset among the major currencies with a significant drop of 64%. CoinGecko also noted that since January 2022, the trading volume in the spot market has decreased by 67%. The new year for Bitcoin and the market started positively, filling the volume and volatility charts with $200 billion, according to CoinMarketCap data.
Solid rally of star crypto
Bitcoin’s solid year-to-date rally has changed market sentiment. Analysts expect the cryptocurrency to go up to $30,000 in the short term. But in the long run, economist Lyn Alden said that Bitcoin could be in “significant danger” in the second quarter of 2023 as liquidity risks increase.
While bitcoin price is consolidating below the resistance zone, the cryptocurrency is looking for a trendline to position itself above the $24,500 level, which represents its next hurdle. The 20-day moving average rising at $20,700 and the Relative Strength Index (RSI) in the overbought zone near 80 indicate that BTC’s uptrend line could continue and conquer new territories.
Conversely, the bears are ready to stop the Bitcoin price action to the upside and change the momentum and direction of the market, but the bulls seem reluctant to capitulate. Speculation is on the rise with market uncertainty and upcoming Federal Open Market Committee (FOMC) meetings.
cryptocoin.com As we mentioned, Bitcoin has gained about 8% in the last seven days. It traded sideways at $23,000 in the last 24 hours. The current capitalization of the currency stands at $440 billion, outpacing all market pairs.
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