Bitcoin is the best institutional asset in the first quarter of 2021
The rapid growth of BTC, the world’s first and largest cryptocurrency by market capitalization, has put it in the ranking alongside institutional assets in the global market thanks to its performance rating.
The King is still the King
The cryptocurrency has been unperturbed by the indignation of authorities around the world for many years, having experienced all forms of skepticism from both retail and institutional investors. This helped her to change her course, for which today many traders and investors are grateful to her.
In the first quarter, which ends today on March 31, 2021, Bitcoin stands out as the best result according to Messari, ahead of traditional assets, including global stocks, oil, gold, government bonds and the world’s reserve currency, including the US dollar. For the quarter, Bitcoin rose 103%, compared to 26% for oil, and 3% for global stocks, respectively.
Due to the need to rebalance after the COVID-19 pandemic and its impact on the economy as a whole, assets such as gold, government bonds and investment-grade bonds were written off at a rate of 10%, 5% and 4%, respectively. The BTC performance was also higher than that of cash and high-yield bonds, which maintained a 0% growth rate.
There are many attributes that put Bitcoin ahead of other assets. Although the BTC is decentralized, most assets have a common denominator: they are somehow controlled by human systems or governments.
Bitcoin runs on proprietary codes developed over 12 years ago, and the entire system has been self-sufficient ever since. Unlike the other assets presented, the BTC is immune to human intervention and the consequences of adverse economic and monetary policies.
It is also anti-inflationary, which was made possible by halvings. These features are one of the reasons why Michael Saylor, and other Bitcoin evangelists, advocate buying a Cue Ball as an alternative to cash.
But is the best asset of all time ready to move on?
BTC Finds Support at $57K
Today’s BTC price forecast is optimistic, as the market has found support around $ 57,000, and is showing clear signs of abandoning further declines. Hence, we should see it rise over the next 24 hours and attempt to finally break the $ 60,000 resistance.
In general, the market is in the red for the last 24 hours, as there were strong pullbacks in all directions overnight. Market leader Bitok is down 1.65 %, while Ethereum is trading at $ 1,815, and is down 1.62 percent. The best performance is seen in Filecoin( FIL), which is more than 21 percent higher than the main altcoins. But it’s not about them.
BTC / USD opened at $ 58,768 after bullish momentum over the past two days led to a retest of the $ 60K resistance. Currently, Bitcoin has pulled back down and rejected a further decline near the support level of 57K. This means that it could potentially break the $ 60,000 resistance over the next 24 hours. and the current swing maximum.
The price of BTC / USD fluctuated in the range 57 726 – 59 930 $, which indicates moderate volatility. Trading volume is slightly down 1.85 percent at $ 57.7 billion. The total market cap has returned just above the $ 1 trillion mark, bringing the market’s dominant position to 59.22 percent.
On the 4-hour chart, we can see how Bitcoin’s price action deflects further declines and forms a pin bar rejection candle, which could lead to an upward reversal.
4-hour BTC / USD chart. Source: CoinMarketRate
4-hour BTC / USD chart. Source: CoinMarketRate
Overall, Bitcoin has shown significant volatility over the past ten days. After peaking around $ 60K on March 18, and retesting on the 20th, the market eventually turned around. This was followed by several daily bearish movements, which led to a loss of about 15%, until support was found near the $ 51,000 mark.
The price forecast is optimistic, so we expect BTC to go up, and try to break through the $ 60,000 mark in the coming days.