BTC remains the best-performing asset for Goldman Sachs in 2023

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BTC remains the best-performing asset for Goldman Sachs in 2023
BTC remains the best-performing asset for Goldman Sachs in 2023

Financial giant Goldman Sachs has named Bitcoin (BTC) the best-performing asset in the world this year as it continues its sharp ascent after its 2022 losses.

2023's top performing asset year-to-date is Bitcoin (BTC) (YTD) Starting at $16,547 and now trading slightly above $23,000, Bitcoin has increased by 38.21%. Goldman Sachs, which rates BTC as the best-performing asset of the year, has taken notice of this rapid ascent.

The Bitcoin price chart for the entire year (BTC). Source; CoinMarketCap

According to a report from Goldman Sachs published on January 23 and shared by bitcoin educator; Documenting Bitcoin, Bitcoin has returned 27% year to date. Additionally, the banking behemoth awarded Bitcoin a risk-adjusted ratio of 3.1, the highest of any asset covered.

YTD absolute and risk-adjusted returns for Goldman Sachs. Source: Bitcoin documentation

Bitcoin has performed better than the S&P 500, gold, real estate, and the Nasdaq 100, according to Goldman Sachs. The MSCI emerging markets index, which has a YTD return of 8%, is the asset that is most similar to Bitcoin, according to Goldman Sachs.

Bitcoin (BTC) Approaches $25k

When it peaked at $23,722.10, Bitcoin was rejected at $24,000, and since then, its price movement has been restricted to a horizontal range.

Bitcoin's sideways trading generates bullish momentum, pushing the price up above $25,000. But this would only be feasible if Bitcoin manages to stay above the $22,557 immediate support barrier.

On the other hand

Many experts remain unconvinced despite the stock's significant gains to date and continue to label the move as a bull trap.

Why It's Important

Investors who suffered significant losses during the 2017 crypto winter now feel reassured thanks to bitcoin's strong start to the year.

Disclaimer: This platform contains viewpoints from outside sources. We do not attest to their veracity. Prices for digital assets can fluctuate. We advise readers to carry out independent in depth research.