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Popular coin Bitcoin is up 80% in 2023 and is by far the year’s best-performing asset compared to gold and others.
Bitcoin (BTC) bears might be flush with some humiliation as the leading crypto becomes the best-performing asset in 2023. Once again, BTC lived up to its billing as the leading digital asset, with bulls consolidating their ranks in the price tug-of-war. However, positive signs suggest that the world’s largest crypto by market cap is on an upward trajectory. Furthermore, analysts and observers believe that the worst of the Bitcoin bear market phase could be over.
As the best-performing asset of 2023, BTC has posted the most substantial 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, usually considered a safe haven asset, is up just 9% in the same period. Additionally, the NASDAQ 100 has climbed just 20% since 2023 began, with the S&P 500 managing an 8.5% upswing since January 1st.
Yesterday, on-chain analytics provider Glassnode assessed Bitcoin’s raving performance as an indication of more favorable price action to come. Comparing BTC’s price trajectory so far this year to how the crypto fared in 2022, Glassnode explained:
“The strong market performance in 2023 is a stark contrast to 2022 and suggests a favorable regime shift is underway.”
Glassnode also pointed out that Bitcoin’s price thrust only intensified after the US banking crisis. According to the on-chain analytics provider, a large amount of BTC returned to profitability recently. Reports say that almost a third of Bitcoin supply, or 6.2 million BTC, returned to profitability as several investors consider crypto a viable investment alternative.
Despite BTC’s upward trajectory, there will be corrections or retracements because price does not move in a straight line.
Previous Bitcoin Price Assessments Underscore Present Development as Best Asset of 2023
Previously, Noelle Acheson, author of the “Crypto Is Macro Now” newsletter, weighed in on Bitcoin’s surging price action. On March 31st, Acheson said:
“For many crypto market observers, it’s not at all a surprise. All the signs were pointing to a strong price floor starting last November, and it was just a matter of time before either the liquidity narrative changed (which it did in early January) or longer-term investors saw a store-of-value opportunity (which seems to have also happened).”
At the time, Peter van Dooijeweert, the Head of Multi-Asset Solutions at Man Solutions, also touched on BTC’s ascending price development. According to van Dooijeweert, “most people’s knee-jerk would’ve said Bitcoin should do terribly because markets are under pressure or strain. But actually, if you think about the Bitcoin bugs – the people who love Bitcoin – they love the idea of a non-fiat currency – like this is the outside-the-US-dollar, outside-of-the-banking-system-type thing.”
As of press time, Bitcoin was changing hands at $30,351, with a total market cap of $1.3 trillion. According to CoinGecko, the leading coin’s total market cap is down just 1.2%.