January 2024 Market Performance

January 2024 Market Performance

January 2024 Market Performance

portal-digitalradiance
January: +1.0*January: -3.6%
CCI 30: -6.6%CC130: -6.6%
2023: +49.25%2023: +78.1%
Since Inception:  +163.9%Since Inception: +13.7%
*The current month is an estimate based on the initial reporting of the various funds, subject to change once NAV is crystalised.

BarclayHedge ranksPortal Asset Management# 1 Multi-Advisor for Net Returns 2023

January 2024 Commentary – Watch Below

Key Highlights – The Insto’s Have Landed

  • Cryptocurrencies and digital assets initially experienced a robust start to the year but subsequently reversed gains after the approval of BTC ETFs on 10th January.
  • Institutional participation is now an integral part of digital assets as mainstream investments.
  • Over US$4.6 billion traded on day one  resulting in one of the most successful ETF launches in history.
  • The Ethereum proto-dank sharding deployed on the test net is expected to dramatically drive down transaction costs and times on layer-2s. 
  • Solana Blockchain held strong amidst Jupiter’s record-breaking airdrop keeping the token value at around the US$100 mark at EOM.
  • Jupiter air-dropped a staggering $700 million JUP tokens to nearly one million wallets. The JUP token price surged from $0.41 to $0.72 by press time – resulting in a $6 billion fully diluted market cap.
  • Investors sent equity markets to a record high after the Fed signalled rate cuts were imminent.
  • The Fed’s new growth forecast underplays the risk of recession andmay result in overvalued stocks and properties.
  • Increased geopolitical tensionsand maritime disruptions may trigger a global recession in H2 2024 boding well for alternative, uncorrelated assets such as crypto.
  • We believe that Q4 2023 is the beginning of a secular bull market in crypto assets, which is expected to continue well into 2025.
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