The crypto market witnessed a non-eventful weekend, even as BTC traded over $29000, and the overall trends in crypto stayed non-volatile and undisturbed.
As predicted by market experts at the previous week’s closure, crypto trends have stayed stagnant. The weekend did not present many key economic events; thus, the broader market was neutral. Most crypto tokens were in their earlier trading range, though most saw little gains.
Crypto advisory firm 21e6 Capital AG released a report recently that revealed some interesting findings. According to the report, crypto funds have had an extremely positive year. But even then, Bitcoin’s returns surpassed that of the crypto funds. The usual long-term investors in Bitcoin have outperformed crypto funds by 68.8%.
“All crypto fund strategies achieved positive results this year. But relative to Bitcoin, they underperformed, especially those with significant exposure to altcoins, to futures, or those strongly dependent on momentum signals,” said the report.
Bitcoin has anyway been one of the most lucrative returns-generating assets in 2023. It has returned more than 70% returns to its investors this year. With the bullish move, it has reversed its previous year’s losses by a large margin.
BTC/USD 1D price chart
Bitcoin is currently trading at around $29000 on August 6, 2023, with BTC/USD going up by 0.1% in the previous 24 hours. BTC/USD is trading below its 20-day EMA (29,758.33) as BTC’s 24-hour volume decreased to around $6 billion. Bitcoin has seen around 74.54% returns on a year-to-date basis.