According to the New York Digital Investment Group (NYDIG) report, Bitcoin’s performance is the most successful in the market. Notably, Bitcoin maintains its top performance despite suffering a seasonally low third quarter (Q3).

Greg Cipolaro, research head at the NYDIG in the report emphasizes, “Bitcoin is still the best-performing asset class in 2024, but its lead has narrowed.” A 49% Year-to-date (YTD) gain confers this status on Bitcoin according to Cipolaro.

During Q3, Bitcoin rose by 2.5%, a moderate gain that allowed the token to recover slightly from its dip in Q2. As stated in the report, large sales of the token from major holders, companies and government limited Bitcoin’s rise in Q3.

Notably, the market performance of other assets like silver, gold, and some equities products is closing the gap against the historic wide margin with BTC. Moreover, the research head stated that BTC’s low correlation with equities shows its potential benefits as an addition to a multi-asset portfolio.

Such correlation implies better returns on investment while decreasing the effects of volatility in the market. Though this is not absolute due to uncertainties in the crypto world like new unfavourable regulations, market spikes, etc.

Q4: Will Bitcoin be more Bullish than in Q3?

The NYDIG research head highlighted Q4 as usually bullish for Bitcoin while stating several contributory factors. “While investors might be frustrated with the rangebound trading over the past 6 months, rest assured, as compared with the previous cycles, Bitcoin is exactly where it was at this time in the previous two,” said Cipolaro.

For context, the research head emphasized the role of the upcoming US Presidential elections in November on Bitcoin’s market performance in the remainder of Q4. According to Cipolaro, “While both candidates will be improvements over the Biden administration regarding their attitude toward crypto, Trump if he wins, will deliver bigger gains for the asset class given his full-throated endorsement of the industry.”