Goldman Sachs Group Inc (NYSE: GS) has ranked Bitcoin as the best-performing asset of the year. At press time, BTC/USD was trading above $28,000, making it more valuable than gold (XAU/USD), S&P 500, and Nasdaq 100 index among many other traditional financial assets.
Besides comparing to traditional financial assets, Bitcoin also leads among other cryptocurrencies with the runners-up, Ethereum, way behind in terms of market cap. Bitcoin has a market cap of $540,591,163,131 while Ethereum has a market cap of $214,114,703,392.
Bitcoin’s potential exceeds conventional assets
According to Goldman Sachs, bitcoin’s potential has superseded precious metals, conventional assets and other investments in terms of risk-adjusted returns and year-to-date (YTD).
In addition, Bitcoin has had a great start to the year compared to 2022. At start the start of the year, the cryptocurrency was trading at around $16,500 compared to its price of $28,068 at press time. This means that the coin has gained about 70% over the last three months.
Bitcoin price forecasts
The surge in BTC price has made several crypto analysts, investors, and traders declare that the bear market has ended and that the cryptocurrency has started a new bull run. Some like GlobalBlock (TSXV: BLOK) market analyst Marcus Sotiriou have attributed the increased BTC price momentum to the recent US bank closures.
Messari CEO Ryan Selkis also forecast that the value of bitcoin could increase to $100,000 within the next year.
Balaji Srinivasan, a former chief technology officer at Coinbase, has come out with the most optimistic forecast by betting a Twitter user named James Medlock $2 million that bitcoin would hit $1 million within 90 days. Balaji based his forecast on the collapse of the US financial system which he believes will result in a bitcoin price hike.