Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has become the world’s number one asset. The report on asset class returns for the first quarter of 2023 shows that Bitcoin Outperforms All Other Assets.
According to the report, BTC had a strong quarter, leading it to become the number one asset with 71.9%. The BTC price has skyrocketed during this quarter to reach the $30K mark. The BTC price surge even comes after US regulators attempted to rein in activity across the crypto market.
Factors that help the performance of Bitcoin
The banking crisis in the crypto market is one of the factors that helped the performance of Bitcoin. BTC shined when it was needed. Faith in the banking system was in question after the continued collapse. The rise in the price of BTC during the banking crisis increases the confidence of investors.
This is the fourth best quarter 1 result for Bitcoin. Analyzing the previous results, BTC never had a negative year after the first positive quarter. Furthermore, BTC’s strong first quarter has brought even better results.
This quarter, Bitcoin’s correlations with the risk of assets like US stocks have shown a steady decline. Over the years, the correlation of BTC with the other asset classes has remained negative.
At the time of writing, the trading price of Bitcoin is around $28,256, with an increase of 2.85% in the last 24 hours. BTC trading volume is around $17,381,617,731, down 1.34%, according to CoinMarketCap.
Rate this news!
0 / 5 Number of votes: 1