Goldman Sachs has reportedly ranked Bitcoin as the best-performing asset year to date, ahead of gold, the US Treasury, and the S&P 500. There is some truth to this assessment, as Bitcoin has managed to outperformed several major financial institutions in the traditional market, while maintaining a risk-adjusted return of 3.1. Typically, the higher this ratio, the better the currrency, stock, or investment in terms of risk-adjusted returns. On shorter timescales, Bitcoin continues its pursuit to reclaim lost ground. The flagship cryptp is slowly but surely attempting to break above the $23,800 resistance level. In search of bullish momentum, Bitcoin appears to be making a healthy pullback below the resistance line. Notwithstanding recent crises in the crypto sector including the collapse of Terra and FTX, the market has nevertheless noticed a gradual return of investors and traders on various crypto exchanges as of late. Meanwhile, interest in not just crypto but other technologies such as NFTs, the metaverse, and particularly AI continues to skyrocket especially with the recent introduction of ChatGPT.
