The popular currency Bitcoin is up 80% in 2023 and is by far the best performing asset of the year compared to gold and others.
Bitcoin (BTC) bears may be feeling some humiliation as the leading cryptocurrency has become the best performing asset in 2023. Once again, BTC has lived up to its billing as a leading digital asset, with the bulls joining forces in a price pull-war. However, positive signs are that the world’s largest cryptocurrency by market capitalization is on an upward trajectory. Moreover, analysts and observers believe that the worst phase of the Bitcoin bear market may be over.
As the best-performing asset of 2023, BTC posted its largest quarterly returns since its record high in November 2021. In addition, the prominent digital currency has increased by more than 80% since the beginning of the year. By comparison, gold, which is usually considered a safe-haven asset, is up just 9% in the same period. Additionally, the Nasdaq 100 is up just 20% since the start of 2023, with the S&P 500 up 8.5% since January 1st.
Yesterday, on-chain analytics provider Glassnode assessed Bitcoin’s massive performance as an indication of a more favorable price move to come. Comparing BTC’s price trajectory so far this year to how crypto will fare in 2022, Glassnode explained:
“The strong market performance in 2023 is a stark contrast to 2022 and signals a positive system shift in the making.”
Glassnode too pointed out This Bitcoin price push only intensified after the US banking crisis. According to the on-chain analytics provider, a significant amount of BTC has recently returned to profitability. Reports indicate that nearly a third of the Bitcoin supply, or 6.2 million BTC, has returned to profitability as many investors view the cryptocurrency as a viable investment alternative.
Despite the upward trajectory of BTC, there will be corrections or retracements because the price does not move in a straight line.
Previous Bitcoin price valuations confirm the current development as the best asset for 2023
Previously, Noelle Acheson, author of the “Crypto Is Macro Now” newsletter, focused on bullish bitcoin price action. On March 31 Acheson said:
“For many cryptocurrency market watchers, it is not surprising at all. All signs were pointing to a strong price floor that started last November, and it was only a matter of time before the liquidity narrative changed (which it did in early January) or investors saw on the The long term is an opportunity to store value (which also seems to have happened).”
At that time, Peter Van Duijwert, Head of Multi-Asset Solutions at Man Solutions, spoke about the upward price development of BTC. According to van Dooijeweert, “Most people would have said that bitcoin has to do terribly because the markets are under stress or stress. But actually, if you think about the mistakes of Bitcoin — people who love Bitcoin — they love the idea of a paperless currency — like this Out of the US dollar, out of the banking system—type something.”
As of press time, Bitcoin was trading at $30,351, with a total market capitalization of $1.3 trillion. According to CoinGecko, the total market cap of the leading cryptocurrency is down just 1.2%.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify cryptocurrency stories down to the bare essentials so that anyone anywhere can understand without much background knowledge. When not in the depths of cryptocurrency stories, Tolo enjoys music, loves to sing, and is a movie lover.