Bitcoin lagged behind gold in third-quarter earnings!

In the third quarter of 2024, major currencies and gold gained significant value, while Bitcoin showed a weak performance.

CoinGecko has released its third quarter report covering July, August, and September. The report compares the performance of commodity assets in the third quarter. According to the report, gold had the best performance in the third quarter with a 14% increase.

The worst performer of the last three months was crude oil, which lost 16 percent. The Middle East tension lowered crude oil prices and accelerated the escape to gold.

The 12% rise of the Japanese yen was dazzling. For the first time in its history, Japan, which went for an interest rate hike, managed to keep its currency strong against the dollar. While the Japanese yen gained momentum, there were declines in the crypto market.

In CoinGecko's 2024 third quarter report, Bitcoin (BTC) has the third worst performance among the compared assets.

Bitcoin has been through a period of ups and downs

Leading cryptocurrency Bitcoin (BTC) reached an all-time high in the first quarter of 2024. The price peak in March was not sustained due to factors such as Middle East tensions, pressures in global markets, and Japan's first-ever interest rate hike. BTC experienced a downward trend in the second quarter of 2024. While the leading crypto went through a recovery phase in the third quarter of the year, it showed a relatively weak performance.

According to the report, BTC only recorded a 1% increase in the third quarter of the year. The report stated the following:

"Major currencies gained significantly against Bitcoin and the dollar, but the best performing asset class in the third quarter of 2024 was gold, which gained 14 percent in value."

Here are the performances of commodities in the third quarter:

• Gold: Rose 14 percent
• Japanese yen: Increased by 12 percent
• US Treasury bonds: Increased by 8 percent
• British pound: Rose 6 percent
• US S&P 500 stock index: Rose 5 percent
• Euro: Increased by 4 percent
• Chinese yuan: Rose 4 percent
• NASDAQ stock exchange in the United States: Rose 2 percent
• Bitcoin: Rose 1 percent
• Dollar: Decreased by 5 percent
• Crude oil: It fell by 16 percent

This article does not contain investment advice or recommendations. Every investment and trading activity carries risks, and readers should conduct their own research when making decisions.