Bitcoin’s 80% Surge in 2023: A Positive Omen for its Future?

Bitcoin has surged past the $30,000 mark for the first time in 10 months, breaking from a tight three-week range.

This year, its worth has surged by over 80%, increasing from approximately $16,500 on January 1st to $30,100 as of 3 am ET.

Bitcoin’s fourth-best quarter on record was in the first quarter of this year, as reported by NYDIG, a financial services firm specializing in cryptocurrencies.

However, while a positive first quarter has historically been a good sign for Bitcoin, past performance does not guarantee future results.

NYDIG highlighted that Bitcoin has never had a negative year following a positive first quarter. Some of its most prosperous first quarters, such as in 2011 and 2013, have resulted in substantial full-year returns.

While Bitcoin has outperformed benchmark indices across equities and commodities this year, NYDIG cautions that extraordinary gains like those observed in 2011 and 2013 are improbable to repeat.

James Lavish, the managing partner of the Bitcoin Opportunity Fund, believes that the recent growth of Bitcoin is correlated with macroeconomic events in the United States, particularly traders’ speculations on this week’s CPI number.

According to Glassnode, the percentage of Bitcoin holders in unrealized profit has hit its highest point in almost a year.

Author

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.