Bitcoin Surges 70% In Q1 2023; Emerges As The Top Performing Crypto Asset
The crypto market has been on a roll in the first quarter of 2023, and Bitcoin has been leading this bull run with massive gains. In Q1 2023, Bitcoin gained around 70%, outperforming other traditional asset classes and emerging as the best-performing asset.
This marks the best quarterly return for Bitcoin since Q1 2021, with the asset’s latest gains placing it ahead of other top investment options, such as the Nasdaq 100 and S&P 500
Bitcoin Breaks Through Crypto Winter
Current on-chain data indicates the digital asset has achieved the top spot in the first quarter of 2023 with a rise of around 70%. Noelle Acheson, the author of The Crypto Is Macro Now, stated that it was predictable that the price floor would establish itself from last November, as all the metrics pointed in this direction.
She explained that it was only a matter of time until either the liquidity narrative changed or longer-term investors saw the store-of-value opportunity. The resurgence of Bitcoin at the forefront of the global financial market crisis has given investors a renewed sense of hope.
This has been accompanied by a substantial increase in open interest for Bitcoin and Ethereum, which rose by an impressive 430% year-on-year in March 2023.
Investor Confidence Rises In Crypto Amid Central Banks Crisis
Cryptocurrency has become an appealing option for investors as a substitute for centralized financial systems after the failures of Signature Bank, Silicon Valley Bank, and Silvergate Capital. Bitcoin is staying solid due to fundamental elemental progressions and its distinguishing part as a leading investment asset in an era of doubt over bank deposits and enhanced central bank rescues.
During this quarter, five of the largest US banks lost $108.92 billion in market capitalization. Comparatively, Bitcoin saw an increase of roughly $219.86 billion.
Although it had been making steady gains, Bitcoin price has now encountered resistance at the $30,000 level. At the time of writing, it trades at $28,336, gaining 1.5% in the last 24 hours, according to Coingecko data.
BTC’s price uptrend this year resulted in a market capitalization of around $540 billion following the influx of over $200 billion since the beginning of this year. Despite the recent progress, market analysts are not astonished by Bitcoin’s growth, pointing out that the digital asset started setting up the groundwork for an increase towards the end of last year.
Additionally, Bitcoin’s increase is remarkable as it coincides with the US Fed’s decision to continue interest rate hikes to manage inflation which keeps spiking daily. The current economic instability has many investors to Bitcoin’s impressive performance who need alternative investment options.
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