Planning for 2024 and December's Great Performance

John Barry | Tue Jan 02 2024

For the third consecutive month, the crypto market exhibited a bullish trend, with an average gain of 34.8% across the top 64 cryptocurrencies. This marked the strongest performance of the year, surpassing November's previous best with an average gain of 24.25%. Surprisingly, the lowest-ranking group, Group 5, performed the best; cryptocurrencies in this group collectively surged by an impressive 72.11% for the month. Rank 5, lowest, cryptocurrencies have been the best performing group in two of the last six months (October and December) and the worst performing group in the other four months. This trend suggests that investors were shifting their focus, selling off some of the best performing cryptocurrencies of 2023 and buying many of the worst performers. Cryptocurrencies ranked highest continue to have the highest return since July 1st with a six month gain of 118% compared to the average crypto with a gain of 77%

Cryptocurrency Performance Grid - July 1 - December 31st 2023

Quantify Crypto Research Report Performance

Timeliness Review

The Timeliness ratings, like the fundamental strength ranking, it's notable that the "very bearish" category emerged as the top performer, achieving an average gain of 51.5%. This marks the first instance where this group led the performance within the Timeliness ratings; notably, it had previously been the worst performing timeliness category for four out of the past six months. The Timeliness ranking of "Very Bullish" has been the top 2 performing group for four of six months and is the best performing group for the six month period.

Cryptocurrency Research Reports expand to top 80

In December we added 16 new research reports to bring the total cryptocurrencies covered to 80. Our goal is to increase this to 100 by February. 

Bullish 2024 Factors for Crypto

1) The Bitcoin Halving - Estimated for April 23rd, historically Bitcoin has its strongest years during halving years, which occurs once every four years.

2) A Strong 2023 - While 2022 was plagued by scandals relating to Sam Bankman Fried and other crypto collapses, SBF is safely behind bars now and not causing the crypto industry harm. In contrast 2023 was a strong year, recoving much of the losses from 2022. The two strongest months of 2023 was November and December, setting of for a good start to 2024.

3) Approval of a spot Bitcoin ETF - The speculation that the SEC will approve this by mid January. Approval will make it easier for wall street professions to invest in Bitcoin.

4) Altcoin Performance - Historically when Bitcoin is in a bull market the altcoins perform even better.



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