Skip to main content

Study: Nvidia Stock and Bitcoin the Top Two Performing Assets in 2023

Study: Nvidia Stock and Bitcoin the Top Two Performing Assets in 2023

With its U.S. dollar value having risen by nearly 160% since the start of the year, bitcoin is set to end 2023 as one of the best-performing assets. Only semiconductor giant Nvidia’s stock has outperformed the top crypto asset in 2023 so far. Key moments such as Blackrock’s spot bitcoin exchange-traded fund (ETF) announcement and a fake post on the social media platform X all combined to spark the crypto asset’s remarkable run.

Nvidia’s Stock the Number One Performing Asset in 2023

Bitcoin, which started the year trading at just under $17,000, recently surpassed the $44,000 mark and is now set to end 2023 as one of the best-performing assets. As of Nov. 30, bitcoin has gained 160% overall. Only the stock of the semiconductor giant Nvidia has outperformed bitcoin (BTC) with a gain of more than 240% on Dec. 24.

Study: Nvidia Stock and Bitcoin the Top Two Performing Assets in 2023

According to an analysis conducted by the consulting firm Kaiko Research, BTC seemingly stalled between March and October. Also, its volumes during that period did not hint at an impending run that would see it trade above $44,000 for the first time in almost two years.

The Blackrock Factor

However, in the last quarter of the year, key moments such as Blackrock’s spot bitcoin exchange-traded fund (ETF) announcement and a fake news post all conspired to spark the crypto asset’s remarkable run.

“Then [in the Q4], optimism about a spot BTC ETF began to grow after Blackrock filed, and then a mistaken tweet from a crypto publication stating that the ETF had been approved seemed to break the floodgates open,” the Kaiko Research said.

According to the consulting firm’s analysis, the top crypto asset has one of the best Sharpe Ratios of any major asset this year. The consulting firm also noted that Nvidia, whose stock more than doubled between January and May, had the best Sharpe Ratio in 2023.

Meanwhile, the stock of Michael Saylor’s Microstrategy, which was up by more than 300% at the time of writing (8 am EST on Dec. 24), is listed as the third-best performing asset in 2023. The top U.S. crypto exchange Coinbase’s stock COIN is the fifth-best performing asset, while the second-biggest crypto asset ETH is ranked seventh.

What are your thoughts on this story? Let us know what you think in the comments section below.



from Bitcoin News https://ift.tt/NWyFBk4
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

DefiDollar Listing on AscendEX

PRESS RELEASE. AscendEX, formerly BitMax, an industry-leading digital asset trading platform built by Wall Street quant trading veterans, has announced the listing of the DefiDollar Token (DFD) under the pair USDT/DFD on Apr 29 at 1:00 p.m. UTC. DefiDollar is a DeFi lab that aims to bring mass adoption to DeFi with a wide-ranging product suite. The first product offering to go live will be the stablecoin index – DUSD, with ibBTC and optionCoin currently in development. DefiDollar (DUSD) aspires to be a risk-insured stablecoin layer for DeFi. It is designed to provide a safe and stable way for users to hold their assets with DUSD being optimized for peg safety, yield, and diversification. DefiDollar uses DeFi primitives to stay close to the dollar mark. DUSD provides an avenue for diversifying stablecoin holdings to hedge against an event where the underlying stablecoins like Tether or DAI deviate from their peg. DUSD is collateralized by Curve Finance LP tokens. DFD is the n...
Post a Comment
Read more