NewsPrice

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.

Do you think hedge funds will have a bright May in the end? Lets discuss on Twitter and Telegram.

Tags
Show More

David

David Kariuki is a journalist who has a wide range of experience reporting about modern technology solutions including cryptocurrencies. A graduate of Kenya's Moi University, he also writes for Hypergrid Business, Cryptomorrow, and Cleanleap, and has previously worked for Resources Quarterly and Construction Review magazines.

Related Articles

Back to top button
Close