- Bitcoin price is up 68% since the January 1 low of $16,499, holding above the 50% of 2023 market range.
- NYDIG Q3 research shows BTC is the best-performing asset class of the year on asset class returns metrics.
- ETF continue to be top of mind for BTC potential drivers since BlackRock applied for BTC Spot Exchange-Traded Fund.
Bitcoin (BTC) price is stable in the upper half of the 2023 market range after bouncing from the 50% Fibonacci Retracement level. With this position, a BTC firm has indicated the flagship crypto is doing better than every other asset class on metrics of returns.
is still up by a significant margin on a year-to-date basis, residing high above the midline of the 2023 market range. Meanwhile, Stone Ridge subsidiary and holding company, NYDIG, has indicated that BTC is doing way better than other asset classes on return metrics.
Bitcoin price 70% above 2023 lows, NYDIG acclaims BTC top performer
Bitcoin (BTC) price is up 68% since the year’s lows of $16,507, standing comfortably above the 50% Fibonacci retracement level of $24,217. The price got rejected from the 78.6% Fibonacci retracement at $28,628 on October 2.
With Bitcoin price testing the 70.5% Fibonacci retracement at $27,379, the bulls still have a fighting chance considering the position of the Relative Strength Index (RSI) above 50 and the Awesome Oscillator (AO) still in the positive territory.
Meanwhile, according to recent reports from NYDIG, Bitcoin remains at the helm of the 2023 list of asset-class returns. Specifically, BTC is the top-performing asset class for the year, boasting a stark 63.3% increase year-to-date, as of October 6. The report compared Bitcoin to stock market indices, equities, corporate bonds, and US Treasuries.
With the BTC reading on a year-to-date basis far exceeding returns for every other asset class in the list, Bitcoin price continues to mimic a pattern not so different from past cycles even as the countdown to the next halving continues, anticipated to be around April 2024. The event is critical, viewed as an important economic and price cycle marker.