Goldman Sachs Group Inc (NYSE: GS) is ranked Bitcoin as the best performing asset of the year. At press time, BTC/USD was trading above $28,000, making it more valuable than gold (XAU/USD, S&P 500And nasdaq 100 index among many other traditional financial assets.
In addition to comparing traditional financial assets, bitcoin is also ahead of other cryptocurrencies with runners-up, EthereumIt is far behind in terms of market cap. The market cap of Bitcoin is $540,591,163,131 while the market cap of Ethereum is $214,114,703,392.
Bitcoin has potential to exceed traditional assets
According to Goldman Sachs, bitcoin’s potential has outperformed precious metals, traditional assets and other investments in terms of risk-adjusted returns and year-to-date (YTD).
Also, compared to 2022, Bitcoin has had a great start to the year. At the start of the year, the cryptocurrency was trading at around $16,500 compared to a price of $28,068 at press time. This means that the coin has gained almost 70% in the last three months.
bitcoin price forecast
The surge in BTC price has led many crypto analysts, investors and traders to declare that the bear market has come to an end and the cryptocurrency has begun a new bull run. Some market analyst Markus Sotiriou, like GlobalBlock (TSXV:BLOK) , has attributed this to Recent US Bank Shutdown Increases BTC Price Momentum,
Messari CEO Ryan Selkis has also predicted that the value of bitcoin could rise to $100,000 within the next year.
Former Coinbase CTO Balaji Srinivasan Has Come Out With The Most Optimistic Forecast Betting a Twitter user named James Medlock 2 million dollars that bitcoin will reach 1 million dollars within 90 days. Balaji based his forecast on the collapse of the US financial system, which he believes will lead to an increase in the price of bitcoin.