Cryptocurrency hedge funds have experienced huge growth last month - making record gains for the month of April.
According to data from
Eurekahedge, a research and data firm that specialises in hedge funds, their cryptocurrency Hedge Fund Index gained a massive 83.86% in April - marking its first positive month of 2018.
A weighted index of seven constituent funds, the performance for April was in fact the best monthly return recorded since November 2013. The results most likely stem from impressive altcoin gains - particularly for Ether - whose market value rose 77% in April according to
CryptoCompare. Bitcoin cash also recorded substantial gains for the month - rising by 109% during the same period.
Sections of the financial world seem to be making positive moves into the cryptocurrency space - with established institutions such as
Goldman Sachs recently confirming that they are opening a trading desk for bitcoin futures and hope soon to start trading bitcoins themselves.
Similar sentiments are to be found in the crypto-finance world, with Hedge Fund Pantera Capital last month announcing
their bullishness about the market. CEO Dan Morehead labelled Bitcoin a “screaming buy” - explaining that:
"Bitcoin has come below its 200-day moving average and that is important because the currency has been going up at a 170% per annum for six years... if it ever goes down below its average, that means it's really come off... it's come off 65% since its highs and if you put a 100 bucks in each of the four times it's touched its 200-day moving average, you'd have a 285% return."