TL; DR Breakdown
- Crypto hedge funds surge after Bitcoin decline.
- Hedge funds saw a 170% jump since the start of the year.
- Digital assets continue retracement upward.
Bitcoin has been the most sought-after digital asset in the last few years. This is because the digital asset has always surmounted many odds to register a massive price movement. In the last few weeks, Bitcoin has encountered a dip in its value, losing about 7% in value before the start of the month. However, in the same time frame, crypto hedge funds have registered a 2% loss, outperforming the leading digital asset.
Crypto hedge funds see a jump of 170%
According to a recent report by Bloomberg, Bitcoin is presently down about 29% from its highest price sale. This opens the door for other altcoins to make their way into the portfolio of investors in the market. Comparing the year-to-date performance of the top two digital assets, Ethereum is extremely outperforming Bitcoin presently.
Presently, Bitcoin has recorded a gain of about 69% since the start of the year compared to Ethereum, which sits at a little above 400%. The leading digital asset traded at $29,000 while Ethereum sold at $740 per token. Another metric considered was the market capitalization of digital assets in the market, surpassing Bitcoin’s by more than 200%.
Its review noted that the same could be argued about the market capitalization of crypto hedge funds compared to Bitcoin. A typical example is the Eurekahedge crypto hedge fund which witnessed a 170% increase by November.
Digital assets continue retracement upward
The crypto market has been witnessing a little upward retracement in the last few weeks after witnessing many losses. According to data from CoinGecko, the crypto market cap is presently around $2.37 trillion, signaling a small increase of 3.6% in the last 24 hours. Bitcoin is presently up at $49,421 after the FED announced that it would increase tapering around the purchase of digital assets.
The asset is presently moving close to $48,000 with its support at above the price figure around the 200 moving averages. Ethereum, on its part, has continued in its retracement upward, seeing a rise of 4.7% in the last day. With that, the second digital asset has touched above the $4,000 price mark. SOL and AVAX are the closest assets with great performance to trade at $177 and $105, respectively.