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Investing.com – The company, which ended the year down 64% in 2022 due to bankruptcies and other negative developments in the cryptocurrency market, has caught the attention of Goldman Sachs for its performance this month.
And at the beginning of 2023, Goldman Sachs described Bitcoin as the best-performing asset in the world, by placing it first in the list of investment products such as oil and real estate.
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In the list shared this week, Bitcoin also took the top spot with a risk-adjusted return rate of 3.1 (sharp), along with a 23% year-to-date return rate. The acute ratio is used to measure performance adjusted for market volatility. The higher the ratio, the better the investment product’s performance in terms of risk-adjusted return. Looking at the list, it is seen that Bitcoin gets a much higher rate of return than other assets.
The worst performing asset
On the other hand, although Bitcoin has shown a great rate of return in the short term, it remains the worst performing asset among the majors in the last year’s time frame. However, the fact that Bitcoin continued on its way with limited corrections is seen as an indication that it is taking firm steps towards recovery.
Goldman Sachs added bitcoin for the first time to its traditional earnings report in 2021. The banking giant also announced that it would begin offering cryptocurrency services in 2022 at the request of its major clients, despite past criticism of the crypto asset.
Recent comments on the bitcoin price indicate that the first leg of the digital currency asset could be $25,000 and then continue towards $30,000. However, as a reminder of the continued liquidity risks in the market, some analysts predict that digital assets may experience difficulties in the second quarter of the year due to macroeconomic and geopolitical risks.
Bitcoin continues to dominate 44% of the market, with a market capitalization of over $443 billion today. The largest cryptocurrency continues to increase in value by 10% on a weekly basis, while rising again to the $23,000 range with a 1.2% increase in value in the last 24 hours.
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