Bitcoin was the best performing asset of the past quarter

Bitcoin (BTC) managed to distinguish itself strongly in the past year from the previous price action during the persistent bear market of 2022. The past year was dominated by the sharp price drop in the price of bitcoin, but since the turn of the year, bitcoin seems to have changed direction, and this is now reflected in price performance relative to other assets.

Bitcoin is the winner of the first quarter

Bitcoin started the year at around $16,500. At the time of writing, the price stands at $28,500, which means that it has increased in value by a whopping 73%. An interesting comparison is that in the first quarter of 2021, during the thriving bull market, bitcoin was up by a total of 103%.

Data from Bloomberg shows that no asset managed to outperform bitcoin in the first three months of this year. BTC’s quarterly results have placed the digital currency ahead of big names like the S&P 500 (+5.5%), Nasdaq 100 (+19%) and iShares Core US Aggregate Bond ETF (+2.2%).

Elsewhere, bitcoin has also beat precious metals when it comes to quarterly performance. Gold posted a 9.5% gain in the quarter, while silver’s return is 0.3%, according to data obtained by Finbold.

However, market experts believe that BTC’s performance should come as no surprise, noting that by the end of 2022, the asset was building the foundation for this massive surge.

BTC managed to benefit from all the turmoil in the banking sector as investors see the asset as an alternative to the centralized monetary system. The collapse of Silvergate, Signature Bank and Signature Bank proves to many people yet again why Bitcoin came to life in response to the 2008 financial crisis.

BTC is king

Bitcoin also managed to post a larger increase than other big names in the crypto industry. The number two based on market capitalization, ethereum (ETH), managed to shoot up with just over 50%. Other cryptocurrencies such as BNB (BNB), Ripple (XRP) and cardano (ADA) are up 29%, 56% and 60% respectively. Most altcoins were unable to outperform the king of cryptocurrencies.

Related News

Leave A Reply

Please enter your comment!
Please enter your name here