Digital Assets Weekly: Staying the course
Our view on crypto markets has not changed since last week when we increased our FY 2020 Bitcoin price outlook to $16,500.
We saw a bit of bumpiness today when markets sold off after 50 BTC that had remained dormant since being mined in 2009 unexpectedly moved, spooking roomers of Satoshi selling coins. We’d dismiss this as an unlikely non-risk event and stay focused on the fundamentals.
Crypto still looks to be in the 2nd or 3rd innings of the next bull cycle. Market conditions broadly remain stable week-over-week, and thus our portfolio strategy recommendations for long terms investors remains unchanged.
In contrast to last week’s 3% decline, Bitcoin climbed 13.2% over the period and closed at 9,727 Monday evening. Notably, there was no major price action immediately following the halving event.
Bitcoin remains firmly ahead of gold as the best performing asset class on a YTD basis.
Ethereum edged out bitcoin as the top performing asset this week with a massive 15.6% return on the week.
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