Goldman Sachs calls Bitcoin the world’s best-performing asset.

Banking giant Goldman Sachs has named Bitcoin (BTC) among its best-performing assets year-to-date, ahead of gold, US Treasuries, the S&P 500, and others. According to a Twitter user.

According to Goldman Sachs, Bitcoin has outperformed its cryptocurrency pairs and those major financial institutions in the traditional market with a risk-adjusted return (Sharpe ratio) of 3.1. The leverage ratio is used to measure performance adjusted for market volatility. The higher the ratio, the better the investment, currency or stock in terms of risk-adjusted returns.

In terms of total and adjusted returns, Bitcoin is the No. 1 asset year to date. Source: Goldman Sachs via Documenting Bitcoin

Bitcoin is leading the broad market recovery.

On a shorter time frame, Bitcoin continues its struggle to regain lost territory. Slowly but steadily, Bitcoin is trying to break above the $23,800 resistance level. Bitcoin seems to have a healthy pullback below the resistance line in search of bullish momentum.

Despite the recent crisis and free fall of the cryptocurrency market with the collapse of FTX bringing consequences for the global economy, investors and institutions, the market has also noted the return of market makers to cryptocurrency exchanges.

Contrary to a Goldman Sachs report, according to an annual Reports According to CoinGecko, Bitcoin is the worst performing asset among the major currencies, with a significant decline of 64%. CoinGecko also noted that since January 2022, trading volume in the spot market has decreased by 67%.

According to CoinMarketCap data, the new year started off positively for Bitcoin and the market, with a volume and volatility sheet of $200 billion.

Bitcoin’s solid year-to-date rally has changed market sentiment. Analysts look bullish in the short term, expecting the cryptocurrency to rise to $30,000. However, in the long term, economist Len Alden said Bitcoin could be at “substantial risk” in the second quarter of 2023 as liquidity risks increase.

As Bitcoin price stabilizes below the resistance zone, the cryptocurrency is looking for a trendline break above the $24,500 level, representing its next hurdle.

The rising 20-day moving average at $20,700 and the Relative Strength Index (RSI) in the overbought zone near 80 suggest that BTC may continue its bullish trend line and conquer new territory.

Bitcoin BTC BTCUSDT Chart 2
BTC is trending upwards on the daily chart. Source: BTCUSDT Tradingview

In contrast, the bears are ready to stop Bitcoin’s price action to the upside and reverse the momentum and direction of the market, but the bulls seem unwilling to surrender. Speculation is rife with no certainty in the market and the upcoming Federal Open Market Committee (FOMC) meetings.

As of this writing, Bitcoin has gained about 8% over the past seven days. It has traded at $22,889 in the last 24 hours. The current capitalization of the currency is $440 billion, which surpasses all its market pairs.

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