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Amid the turbulence in crypto markets caused by the Middle East conflict, Bitcoin earned the title of “the best performing asset.” 

Bitcoin (BTC) experienced a 2.5% surge in the Q3 compared to the second quarter's performance. 

According to NYDIG’s Head Researcher, Greg Cipolaro, Bitcoin’s performance this quarter has been relatively stable, trading between $70K and $54K since its all-time high in March. Despite being up for the quarter, it hasn’t made any significant moves.

Several factors influenced this period, including the near resolution of multiple bankruptcies, such as the long-running Mt. Gox case, which returned billions in bitcoins to creditors, according to the report. 

Additionally, the US government and German authorities (BKA) were notable sellers. While these events sometimes pressured Bitcoin’s price, it appears that the fear of these BTC entering the market had a greater impact than the actual selling.

Despite having lower interest rates, BTC was still able to lead the race of year-to-date returns among several other asset classes. Cipolaro stated, “Bitcoin is still the best-performing asset class in 2024, but its lead has narrowed.”

The report also highlights that the fourth quarter is historically one of Bitcoin’s strongest periods in terms of performance. 

Similarly, Q4 2024 has several key factors that could influence BTC value during this time, including the upcoming election, potential monetary easing, the resolution of previous market overhangs, and ongoing geopolitical instability.

According to the data from CoinMarketCap, BTC is currently priced at $63,550 after experiencing a gradual spike of 2.55% in its value. Earlier, BTC had shown a bearish performance during the Middle East conflict, which dropped down to $60,000.