{"id":17572,"date":"2024-10-07T13:03:12","date_gmt":"2024-10-07T10:03:12","guid":{"rendered":"https:\/\/forklog.com\/en\/nydig-identifies-factors-sustaining-bitcoins-rally\/"},"modified":"2024-10-07T13:03:12","modified_gmt":"2024-10-07T10:03:12","slug":"nydig-identifies-factors-sustaining-bitcoins-rally","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/nydig-identifies-factors-sustaining-bitcoins-rally\/","title":{"rendered":"NYDIG Identifies Factors Sustaining Bitcoin&#8217;s Rally"},"content":{"rendered":"<p>Since the beginning of the year, Bitcoin has appreciated by 49.2%, demonstrating the best performance among key assets. According to NYDIG, several drivers could extend this upward momentum into the fourth quarter.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">NYDIG: Bitcoin remains the best-performing asset so far this year with a year-to-date gain of 49.2%. The upcoming US election on Nov. 5 will play a big part in market performance for Q4, and expects larger gains if Trump wins. Q4 is traditionally a bullish period for BTC and\u2026 <a href=\"https:\/\/t.co\/8jYmktA116\">pic.twitter.com\/8jYmktA116<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1843171251336204334?ref_src=twsrc%5Etfw\">October 7, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>At the end of the third quarter, the cryptocurrency market received support from global monetary easing and stimulus announcements by Chinese authorities.<\/p>\n<p>Experts are convinced that digital gold is currently in a position similar to where it was in the last two cycles.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWhile investors may be disappointed with the range-bound trading over the past six months, rest assured that compared to previous phases, Bitcoin is exactly where it was at this time in the previous two,\u201d<\/em> analysts noted.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/1-1242.webp\" alt=\"1-1242\" class=\"wp-image-242705\"\/><figcaption class=\"wp-element-caption\">Current position of Bitcoin&#8217;s market cycle. Data: NYDIG.<\/figcaption><\/figure>\n<p>October to December is traditionally a bullish period for the asset, and there are several factors that could allow history to \u201crhyme,\u201d experts indicated.<\/p>\n<p>Among them is the upcoming US election on November 5. A victory for Republican candidate Donald Trump would lead to significant growth, according to specialists.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cWhile both candidates will improve their stance on cryptocurrencies compared to Joe Biden&#8217;s administration, Trump, if victorious, will provide more significant growth for the asset class, given his comprehensive endorsement of the industry,\u201d<\/em> the review stated.<\/p>\n<\/blockquote>\n<p>Experts noted the increased correlation of digital gold with the US stock market. In the third quarter, the price correlation over a 90-day period reached 0.46.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><em>\u201cThe level is still low. This means that Bitcoin offers significant diversification benefits for multi-asset portfolios,\u201d <\/em>analysts indicated.<\/p>\n<\/blockquote>\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/2-906.webp\" alt=\"2-906\" class=\"wp-image-242706\"\/><figcaption class=\"wp-element-caption\">Correlation of Bitcoin with other asset classes. Data: NYDIG.<\/figcaption><\/figure>\n<p>In the early hours of October 7, the price of the first cryptocurrency approached the $64,000 mark. The drivers were positive US labor market data last Friday and expectations of a Federal Reserve rate cut in November.<\/p>\n<p>Previously, Canaccord noted that a Bitcoin rally is inevitable.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Since the beginning of the year, Bitcoin has appreciated by 49.2%, demonstrating the best performance among key assets. According to NYDIG, several drivers could extend this upward momentum into the fourth quarter. NYDIG: Bitcoin remains the best-performing asset so far this year with a year-to-date gain of 49.2%. The upcoming US election on Nov. 5 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":17571,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1146,1145,1690],"class_list":["post-17572","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-market-forecasts","tag-market-analysis","tag-nydig"],"aioseo_notices":[],"amp_enabled":true,"views":"16","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17572","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=17572"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/17572\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/17571"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=17572"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=17572"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=17572"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}