Goldman Sachs Calls Bitcoin The Strongest Asset

According to a Twitter user, banking giant Goldman Sachs rates Bitcoin (BTC) as the year-to-number date’s one best-performing asset, above Gold, the US Treasury, the S&P 500, and others.

With a risk-adjusted return (Sharpe ratio) of 3.1, Bitcoin has beaten away both its cryptocurrency pairings and the main financial institutions of the conventional market, as reported by Goldman Sachs. Investments, currencies, and stocks are evaluated on their risk-adjusted returns using the Sharpe Ratio, with a larger ratio indicating better performance.

Bitcoin’s efforts to reclaim lost ground on shorter time horizons continue. Bitcoin has been continuously trying to break over the $23,800 barrier mark. Bitcoin has had a strong retracement below the resistance line.

Although the current crisis of the cryptocurrency market has been marked by the collapse of FTX and the fast slide of the global economy, bringing ramifications for investors and institutions, the market has also seen the return of market makers on cryptocurrency exchanges.

Contrary to Goldman Sachs’ findings, a survey by CoinGecko claims that Bitcoin has been the worst-performing asset among the major currencies, falling by a whopping 64% in value over the last year. CoinGecko also found that spot market trading volume has dropped 67% since January 2022.

CoinMarketCap statistics show that the first week of the new year was a good one for Bitcoin and the market, with a total of $200 billion in volume and volatility.

There has been a change in market mood as a result of Bitcoin’s strong climb so far this year. In the medium run, analysts are optimistic, projecting that the cryptocurrency’s value may rise as high as $30,000. In the long run, Bitcoin may face “serious danger” in the second quarter of 2023 due to rising liquidity issues, as predicted by economist Lyn Alden.

Also Read: Binance Admits ‘Issue’ In Storing Users’ Crypto Assets In Collateral Wallet

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