GBTC - Best and Worst ETF Zones of Q1 | Benzinga
Global stock markets wrapped up one of the best quarters, with the MSCI index of world shares rising 7.7%, its best performance in five years. Hopes of a soft economic landing in the United States and enthusiasm about artificial intelligence drove the stocks higher.
Notably, the S&P 500 Index logged the best first-quarter performance in five years, having gained 10.2%, while the Dow Jones had its strongest first-quarter performance since 2021, advancing 5.6%. Meanwhile, the Nasdaq Composite Index popped 9.1%.
Bitcoin (CRYPTO: BTC) and the related stocks were the hottest throughout the first quarter amid growing optimism about the tokens. The energy sector led the gains in March. On the commodity side, gold regained sheen on expectations of upcoming U.S. interest rate reductions. Traditionally viewed as a safe haven during periods of economic uncertainty, gold's appeal has surged given the forthcoming U.S. presidential election and conflicts in Ukraine and Gaza. Silver and other precious metals also gained.
In agriculture commodities, cocoa prices have more than doubled in just three months, skyrocketing to $10,000 a ton from $3,000 a ton at the start of the year. A third consecutive year of supply shortages caused by poor harvests in West Africa led to the surge.
Given this, we have highlighted three ETFs, each from the best and worst-performing zones, in the first quarter of 2024.
Best ETFs
Bitcoin - Grayscale Bitcoin Trust (ARCA:GBTC) – Up 92.5%
Bitcoin, the world's largest cryptocurrency, has been on an unstoppable rally as the demand for the token is widening beyond committed digital-asset enthusiasts following the launch of spot Bitcoin ETFs. A looming reduction in the digital token's supply growth (halving event) is also contributing to its huge rally.
Grayscale Bitcoin Trust is the ...