As Bitcoin (BTC) continues its steep incline, recovering from the losses of 2022, the banking giant Goldman Sachs (NYSE:GS) has ranked BTC as the best-performing asset in the world this year.
Bitcoin (BTC) is 2023’s Best-Performing Asset
Year-to-date (YTD) Bitcoin has gained 38.21%, starting at $16,547, but now trading just above the $23,000 mark. This sharp incline has caught the attention of Goldman Sachs, which ranks BTC as the best-performing asset of the year.
The year-to-date price chart for Bitcoin (BTC). Source: CoinMarketCap
Goldman Sachs’ report, shared by Documenting Bitcoin, was done on January 23rd, putting Bitcoin’s YTD return at 27%. The banking giant also gave Bitcoin a risk-adjusted ratio of 3.1, better than every asset covered.
Goldman Sachs’ YTD absolute and risk-adjusted returns. Source: Documenting Bitcoin
According to Goldman Sachs, Bitcoin has outperformed the likes of the S&P 500, gold, real estate, and the Nasdaq 100. According to Goldman Sachs, the closest asset to Bitcoin is the MSCI emerging markets index, with a YTD return of 8%.
Bitcoin (BTC) Closes in on $25k
Following its rejection at $24k when it peaked at $23,722.10, the price movement of Bitcoin has been constricted sideways.
The sideways trading of Bitcoin builds bullish momentum, which would shoot the price up toward $25,000. However, this would only be possible if Bitcoin holds above the immediate support level at $22,557.
On the Flipside
- Despite its massive gains to start the year, many analysts are still not convinced, instead calling the rally a bull trap.
Why You Should Care
Bitcoin’s start to the year has relieved investors who suffered major losses in the crypto winter of last year.
The review of what experts think is covered in:
Bitcoin (BTC) Continues Strong Start to 2023, Hits $23k, Analysts Divided on Rally
What next for Bitcoin? Read:
What’s Next for Bitcoin as Bears Hibernate?