Key highlights:

• Other assets following Bitcoin are Information Technology, Communication Services, and Nasdaq 100.
• On the other hand, crude oil and energy have lost the most value, with the oil price falling to its lowest level since December 2021.
• The prospect of the US Federal Reserve abandoning its hawkish monetary policy and increasing activity on the Bitcoin blockchain network are contributing to the new bull market. Analysts predict that cryptocurrencies could gain more value in 2023, erasing the losses of 2022.

After the FED increased interest rates by 25 bps in line with expectations, BTC made a minor price correction, dropping 1.6% to a price of $27,900. Goldman Sachs is among those who appreciate and acknowledge Bitcoin’s solid rally, which has continued for three months.

Global investment banking giant Goldman Sachs said that since the beginning of the year, Bitcoin has outperformed its instruments from the S&P 500, major stocks, the Nasdaq 100, gold and other commodities, and many other investments. The asset offering the highest year-to-date returns is BTC with 66.5%.

The assets following Bitcoin are Information Technology with 16%, Communication Services with 15%, and Nasdaq 100 with 15%. Crude Oil with 14% and Energy with 11% also lost the most value. The oil price has fallen to its lowest level since December 2021.

Indeed, there are many on-chain indications that Bitcoin is in the early stages of a new bull market. Increasing activity, especially on the Bitcoin blockchain network, is a sign that more people are starting to trade for investment or learn about technology.

On the other hand, the prospect of the US Federal Reserve abandoning its hawkish monetary policy is pushing crypto prices higher. The event that started the last rally was the bankruptcy of the SVB. Nearly 200 US banks and world giant Credit Suisse are on the verge of bankruptcy with similar problems as SVB.

2023 Is Much Better Than 2022

Bitcoin entered 2022 with a price of $46,300 after completing a great bull market cycle. After three volatile months, the leading crypto was priced at $47,050 at the end of March. This means an increase of about 1.5% after three months. Then, from April to the end of June, Bitcoin was on the scene with a drastic drop in which it would lose 60% of its value.

Entering 2023 with a price of $16,600, we watched a price increase of approximately 66.5% in the first 82 days. The consensus of analysts is that cryptocurrencies can gain more value in 2023, wiping out 2022 losses. We can expect Bitcoin praise from many flagship organizations such as Goldman Sachs this year.

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• Source: https://cryptocoin.news/news/goldman-sachs-praises-cryptocurrencys-year-to-date-returns-90797/?utm_source=rss&utm_medium=rss&utm_campaign=goldman-sachs-praises-cryptocurrencys-year-to-date-returns