Bitcoin Performance in Q3 Weakened, Still the Best Asset in 2024?
2024-10-07
Bittime - Even though Bitcoin's performance in Q3 2024 was weaker, the New York Digital Investment Group (NYDIG) stated that Bitcoin remains the best performing crypto asset so far this year.
NYDIG reported that although Bitcoin growth in the third quarter was only 2.5%, Bitcoin's overall increase this year still reached 49.2%. Read this article to find out more!
Bitcoin Performance in Q3 2024
Source: NYDIG in Cointelegraph.com
According to Greg Cipolaro, head of research at NYDIG, even though Bitcoin's performance in Q3 2024 was weak, this crypto asset still recorded better performance compared to other assets.
In Q3, Bitcoin's performance only grew 2.5%, but it remained the asset with the biggest gain throughout the year, with an increase of 49.2%.
Bitcoin performance in Q3 was influenced by several factors, including the distribution of assets from creditors of Mt. Gox and Genesis, which total nearly $13.5 billion. Massive sales of Bitcoin by the US and German governments also put pressure on Bitcoin price.
Even so, Bitcoin's performance still recorded an increase of 10% in September, which is usually a bearish month for crypto assets.
Read Also: Bitcoin Market Is Not Very Leveraged Right Now, Time To Take A Long Position?
Bitcoin Performance in Q3 Affected by ETF
One factor supporting Bitcoin's performance in Q3 was continued demand from spot ETFs in the US. According to NYDIG data, Bitcoin ETFs attracted $4.3 billion in cash flows during this period.
Apart from that, Bitcoin ownership by large companies also continues to increase. Several companies, such as MicroStrategy and Marathon Digital, increased their Bitcoin holdings, which also had a positive impact on the Bitcoin price.
Bitcoin Performance Prediction in Q4
Looking at Bitcoin's performance in Q3, NYDIG is optimistic that Q4 will be a bullish period for Bitcoin. Historically, Q4 is often the time for Bitcoin to experience a price spike.
Several things that have the potential to push Bitcoin prices up are the general elections in the US which are scheduled for November 5 2024.
If Donald Trump wins the election, crypto assets, including Bitcoin, may experience an increase in price. Donald Trump is known as a supporter of crypto, and his victory is expected to provide a boost to Bitcoin prices.
However, regardless of who wins the election, the US government is expected to be more crypto-friendly compared to the current administration.
Read Also: Bitcoin Price Predicted to Reach New ATH Later This Year
How to Buy Crypto with Bittime
Want to trade, sell and buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.
Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!
Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.
Disclaimer: The views expressed belong exclusively to the author and do not reflect the views of this platform. This platform and its affiliates disclaim any responsibility for the accuracy or suitability of the information provided. It is for informational purposes only and not intended as financial or investment advice.
