Bitcoin Surges Over $28K
Shortly after Credit Suisse published the merger terms, the principal cryptocurrency reached a nine-month high of $28,500. After facing resistance and dropping back to the $27K level, BTC has started today’s market session with a bull run, reclaiming the $28K level.
In the midst of the global financial crisis, bitcoin’s price has recently soared, rising about 70% since the beginning of 2023.
As some of the world’s top banks are suffering major problems, the asset seems to prosper. After all, Bitcoin was established during the last great financial crisis, which was caused by banks, many of which collapsed and had to be bailed out again.
How BTC is doing on charts today
Bitcoin, as of CoinMarketCap starts, is up 4% from its previous 24-hour valuation. The asset, trading at $28,221 as of writing, has seen a 51% increase in trading volume showing how much bulls have been active on the asset’s markets.
BTC’s market cap stands at $591,060,523,200 representing a 4% increase from its previous 24-hour cap.
Bitcoin is on for glory days
According to Goldman Sachs, Bitcoin is currently the asset that has performed the best.
Earlier in 2023, the global banking powerhouse Goldman Sachs identified Bitcoin as the asset with the highest performance worldwide.
This statement came at a time when the cryptocurrency market was steadily recovering from the losses it sustained the previous year, which were in part brought on by the failure of FTX. After hitting a low of $16,547, Bitcoin surged by 38.21% to reach a new all-time high of $23,000.
₿REAKING: #Bitcoin is the best performing asset in the world this year, according to latest data by Goldman Sachs pic.twitter.com/vh7f7UIloi
— Documenting ₿itcoin(@DocumentingBTC) January 23, 2023
Binance claims Goldman Sachs has taken note of Bitcoin’s meteoric rise and dubbed it 2023’s top-performing asset.
The Bitcoin return for the year so far is 27%, according to a research by Goldman Sachs that was published on January 23rd, 2023 and shared by Documenting Bitcoin. Binance claims that the financial behemoth assigned Bitcoin a risk-adjusted ratio of 3.1, making it the best of all assets considered.
Goldman Sachs also noted that Bitcoin’s performance was better than the S&P 500, gold, real estate, and the Nasdaq 100.
The bank also noted that the MSCI Emerging Markets Index, the asset with the highest correlation to Bitcoin, had returned just 8% year-to-date.
