On Easter Monday when a large portion of the global workforce was on holiday, Bitcoin exceeded $30,000, for the first time since June 2022!
Bitcoin has increased nearly 80% since the start of the year
On April 11th, 2023, Bitcoin crossed the very important psychological $30,000 mark for the first time since June 2022.
Since the beginning of 2023, Bitcoin has gained nearly 80% in value. Of this gain, 23% was realized in March alone and since the beginning of this month, it has increased by over 6%.
BTC - The Best Performing Asset Class of 2023
Bitcoin has been the best-performing asset class of 2023, up by over 80% this year. While there has been chaos in global macroeconomics, with notable banks collapsing, investors are continuing to place their bets on Bitcoin.
It's likely that investors have come to view Bitcoin as a viable alternative in the current climate and its popularity is growing alongside traditional (hedged) assets like gold and silver.
Even despite the banking challenges being faced by many crypto firms and crypto-friendly banks, the surge in the price of Bitcoin is shown to be 'decoupling' from traditional finance.
Will Bitcoin Continue to Surge?
A few weeks ago, the former CTO of Coinbase made a very public bet that Bitcoin would hit one million dollars in less than 90 days. While his wager is highly optimistic and founded upon the collapse of the financial markets (which has yet to occur), what can be said is since he has made his prediction we have seen a steady increase in the price of Bitcoin.
For more than a year the cryptocurrency markets have been in a bear market since the beginning of 2023, it looks like we have entered the early bull phase of the market.
With the upcoming Bitcoin halving event (scheduled for May 4th, 2024) combined with decreasing confidence in the financial markets, it's highly likely we will continue to see an increase in the price of Bitcoin. While it is unlikely we will see a million-dollar Bitcoin anytime soon, given a long enough time span (5-10 years) it is entirely possible Bitcoin could reach a million dollars.