Bitcoin's 150% Rally In 2023 Shows Up Gains Reported By Nasdaq, S&P 500 And Gold
Portfolio Pulse from Khyathi Dalal
Bitcoin has outperformed Nasdaq, S&P 500, and Gold in 2023 with a 156% gain. Institutional involvement in cryptocurrencies has increased, with optimism for 2024 if Spot Bitcoin ETFs are approved. Key developments include a rise in futures open interest, total derivatives open interest, and total value locked in RWA protocols. Despite a drop in stablecoins market cap, digital asset investment products' AuM has grown significantly. The upcoming Bitcoin halving event and the introduction of Bitcoin Ordinals are expected to impact the market.
December 15, 2023 | 8:23 pm
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NEUTRAL IMPACT
SPDR Gold Trust (GLD) reported a 9.6% gain in 2023, which is significantly lower than Bitcoin's 156% rally. The contrast in performance may influence investor sentiment towards gold versus digital assets.
While GLD's performance is mentioned, the focus is on Bitcoin's outperformance. The comparison may affect investor sentiment but does not directly impact GLD's fundamentals.
CONFIDENCE 80
IMPORTANCE 40
RELEVANCE 50