In the third quarter of 2024, the value of bitcoin rose by 2.5%, despite large sell-offs by governments in various countries and payments to customers of bankrupt crypto exchanges.

Analysts suggest that this indicates increased market stability, which, however, faces volatility spikes due to institutional sales.

All things considered, bitcoin remains the best performing asset in 2024. Note that in August of this year, the VIX Volatility Index reached levels seen only three times in its history. Equities and precious metals also performed well, continuing the 2023 trends.

Interest in bitcoin-ETFs also continued during this period, and BlackRock, the largest manager of a BTC-based exchange-traded fund, continued to add the cryptocurrency to its products. These actions act as confirmation of investors' faith in bitcoin.

In the third quarter, the correlation between bitcoin and U.S. stocks rose to 0.46, suggesting that bitcoin is increasingly aligned with traditional assets. However, the long-term correlation remains low at 0.12, showing that bitcoin still acts as a reliable means of portfolio diversification.