Crypto Hedge Funds Gained More Than 80 Percent in April
Hedge funds had a good month in April, probably riding on increasing altcoin value. The two Bitcoin futures contracts also had a good month in April. Meanwhile, Winklevoss twins got an exchanged-traded-products using cryptocurrencies including bitcoin, Ripple and Ether, among others.
April was a record month for hedge funds. Eurekahedge, a research and data providing firm specializing in hedge funds, had the first positive month in performance this year. The Eurekahedge Crypto-Currency Hedge Fund Index, which is an equally weighted index of seven constituent funds, gained 83.86% in April.
Additionally, this was the best monthly return for the hedge fund since November 2013. The increment is likely as a result of better performance of altcoin viewed as Bitcoin alternatives. For instance, Ethereum alone gained 69.4% in April and Bitcoin Cash added 101%
Bitcoin, which is currently trading at $9348 earlier on tested a $10,000 resistance and Mati Greenspan, who is senior market analyst at eToro. He said that a break of $10,000 would be good, but “consolidation is great for adoption”.
This is even as the five of the top ten cryptocurrencies outperformed Bitcoin in the weekly gains was 0.06% in the last seven days. Meanwhile Bitcoin Cash gained more than 10 percent, Ethereum 3 percent and EOS 1 percent.
Weekly gain for each of the cryptocurrencies in the top ten appear to have slowed down for now, with five out of top ten getting a negative gain in the last seven days.
Cboe Global Markets Inc.’s May contract was up by 0.8 percent to close at $9,297.50 while CME Group Inc. May contract gained 0.5%, to settle at $9,280.
Meanwhile, the Winklevoss twins have won a patent right that will settle exchanged-traded-products using cryptocurrencies including Bitcoin, Ripple and Ether, among others. They hope this step will end in a fully regulated cryptocurrency ETF.
