The analytical firm Delphi Digital is now featured on many best cryptocurrency news sites, after claiming that Bitcoin is “King of the Assets Class Hill” due to the coin’s great performance in the recent months.
As reports from Next Web show (published yesterday), Delphi Digital has based its commentary on Bitcoin’s returns for four straight months, given that Bitcoin’s performance comes at a time when traditional risk assets are continuing to face selling pressure. The firm noted:
“May’s outperformance has been especially important given the broader weakness across many other asset classes.”
The claim that Bitcoin is king of the assets class stems from investors – which according to Delphi Digital – are the main reasons behind the riskier positions for “safe haven assets” amidst waning sentiment for economic growth in 2019. The United States-China trade war controversy is in the latest cryptocurrency news related to this too – even though Bitcoin has managed to outperform the conventional assets such as gold and oil.
Besides the claims that Bitcoin is king, an analyst at Delphi Digital said:
“Contrary to its recent history, bitcoin has remained largely unaffected by the sell-off in risk assets, though expectations for market volatility are trending higher. It is still too early to claim victory yet, but BTC’s uncorrelated nature has so far proved true.”
As of recently, another digital currency investment firm was in the altcoin news – where it was allegedly approached by a wealthy client to buy as close to 25% of its Bitcoin supply as possible. While commenting on the news, the eToro analyst Mati Greenspan stated that “A buyer of this size is going to push the price up to make this kind of accumulation even more expensive.”
Anyways, the news that Bitcoin is king of the asset class made by Delphi Digital are nothing new to the market. There have been a lot of praises to BTC recently, mostly coming from respected members of the crypto society.
For example, we have seen the founder and CEO of the cryptocurrency merchant bank Galaxy Digital and his ‘calm’ comment that Bitcoin may consolidate in the $7,000 to $10,000 range before going higher. “If I’m wrong on that, I think I’m wrong to the upside, that there’s enough excitement and momentum that it could carry through,” Novogratz said.
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