Strong Start to the Year
Bitcoin, the largest cryptocurrency by market capitalization, began the year on a positive note. In January alone, it surged by an impressive 37.56%. Starting from $16,604 on December 31, 2022, it climbed to $22,840 by January 31, 2023.
Throughout the following months, Bitcoin continued its upward trajectory. While February saw a modest gain of 1.65%, it made a substantial leap toward the end of March. During this period, Bitcoin skyrocketed by nearly 41%, rising from $20,195 on March 11 to $28,460 on March 24. This remarkable performance made Bitcoin the best-performing asset class in Q1 2023.
Milestones and Fluctuations
April witnessed yet another significant milestone for Bitcoin. It surpassed the $30,000 mark, holding above it for a week before fluctuating between the $25,000 to $29,000 range. Later, in late June and early July, Bitcoin experienced another surge, reaching around $26,000, followed by a subsequent decline.
However, the positive news of a potential approval from the United States Securities and Exchange Commission (SEC) for the first spot Bitcoin exchange-traded fund (ETF) had a profound impact. Bitcoin surged from its previous trading range to hit a yearly high of $44,386 on December 8, representing a staggering increase of over 70%.
As of now, Bitcoin is valued at $41,138, reflecting a 7.32% decline since its peak, a 1.96% decrease on the day, and a loss of 6.14% over the past week (as of December 13).
In summary, Bitcoin ends 2023 on an optimistic note, despite some caution. It has experienced a remarkable surge of nearly 150% since the beginning of the year. Moreover, with the anticipation of a potential spot Bitcoin ETF approval and the upcoming halving event, the crypto community anticipates more positive developments in the future.