North India Statesman
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Mumbai: In the financial year ending 2023-24, investors in various traditional asset classes including gold, equities have got significant returns but investors in the riskier asset class cryptocurrency have also prospered. As the current financial year comes to a close, Bitcoin investors have delivered returns of more than 155 percent in the last 12 months.
In comparison, Nifty50 and Gold have given returns of 28.60 and 11 percent respectively.
Apart from Bitcoin, other cryptos like Ethereum, BNB, Solana have also received unprecedented returns from investors.
The price of Bitcoin was reported at $28,500 at the beginning of the current financial year, which increased to an all-time high of $73,835 in March.
The financial year 2023-24 started with a positive outlook for cryptocurrencies. Bitcoin surged in January this year with the approval of the Spot Bitcoin ETF.
Despite opposition to crypto currencies in countries around the world, there has been a strong recovery in their prices in the last one year.
Market sources said increased participation from institutional investors following the approval of the ETF and regulatory clarity are expected to be key factors for Bitcoin's move in the next financial year.
The market cap of cryptocurrencies has also crossed $2.76 trillion in the current financial year.
Interest rates and inflation conditions in the US could also be a factor in determining the direction of the cryptocurrency market.
