While major currencies and gold gained significantly in Q3 2024, Bitcoin underperformed.
CoinGecko published its third quarter report covering July, August and September. The report compared the third quarter performance of commodity assets. According to the report under review, the best performer of the third quarter was gold with an increase of 14%.
The worst performer in the last three months was crude oil, which fell by 16 percent. While Middle East tensions depressed crude oil prices, they accelerated gold’s flight.
The 12 percent gain in the Japanese yen was impressive. Japan, which raised interest rates for the first time in its history, managed to keep its currency strong against the dollar. While the Japanese yen gained momentum, the crypto market saw a decline.
Bitcoin (BTC) is the third worst performing asset compared to CoinGecko’s Q3 2024 report.
Bitcoin has gone through periods of volatility.
The leading cryptocurrency Bitcoin (BTC) reached an all-time high in the first quarter of 2024. The rise in prices in March could not be sustained due to factors such as tensions in the Middle East, pressure in global markets and Japan’s first ever interest rate hike. BTC moved downwards in the second quarter of 2024. Although the leading crypto spent the third quarter of the year in a recovery process, it showed a relatively weak performance.
According to the report, BTC only gained 1% in the third quarter of the year. The report included the following statements:
“Bitcoin and the dollar rose significantly against major currencies, but the best-performing asset in the third quarter of 2024 was gold, which gained 14 percent.”
The performance of commodities in the third quarter are:
- Gold: 14% increase
- Japanese Yen: 12% increase
- US Treasury Bonds: 8 percent increase
- British Pound: 6% increase
- US S&P 500 Stock Index: 5% increase
- Euro: 4 percent increased
- Chinese Yuan: 4 percent increased
- American Stock Exchange NASDAQ: 2 percent increase
- Bitcoin: 1 percent increase
- dollar: 5 percent fell
- Ham gasoline: 16 percent fell.
This article does not contain investment advice or recommendations. Every investment and trading venture involves risk, and readers should do their own research when making decisions.