Bitcoin’s 80% Surge in 2023: A Positive Omen for its Future?
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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.
READ MORE: Crypto Market Braces for Key Economic Data This Week
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.