Bitcoin (BTC) is best return Since October 2022, January monthly returns have been the best in a decade.
Since the beginning of the year, BTC has seen impressive growth from $16,583.18 to $23,060.14 at the time of writing, a gain of around 39% in 23 days.
The economy grew across multiple sectors this month, with gold and the S&P 500 up 19% and 13% respectively from last November. BTC has established itself as an important part of investment portfolios while experiencing significant price increases.
However, BTC has been struggling with stability since the coin surpassed $69,000 in November 2021. For most of 2022, BTC plummeted due to global market macro factors, bankruptcies, and industry-shaking controversies. The coin with the highest market cap has lost a significant chunk of its value, dropping to $15,700 last November.
Possible Factors Behind Recent Price Rise
Crypto whales likely behind price surge, according to recent market research Written by Silkworm. As it became clear, the volume of trades on Binance has increased, which reflects the confidence that whales have in the market.
Additionally, the falling price of Bitcoin has forced several miners to leave the industry. Miners often accumulate large amounts of digital currency and are the largest sellers.When miners sell their Bitcoin holdings to pay off their debts, they delete Much of the remaining selling pressure.
Additionally, the upcoming Bitcoin halving from March to May 2024 could bring excitement to the new year for traders.
what the future holds
All eyes are now on the next Fed meeting, but experts say cautious That the outcome of the meeting could sway the BTC bull market. They believe that the BTC situation will improve in the future with the BTC halving event next year.
When the halving event happened a few years ago, the price of BTC skyrocketed. The last event that took effect in 2020 saw BTC surge from $8,821 to $10,943 within 150 days. Most of the cryptocurrency community believed that the halving would have a noticeable impact on BTC’s price.
Professor Carol Alexander, University of Sussex told CNBC In December, Bitcoin will enter a “managed bull market” in 2023, reaching $30,000 in Q1 and $50,000 in Q2.
CryptoSlate analysis of Bitcoin (BTC) metrics shows the market is bottoming out as investors continue to accumulate BTC, pushing the illiquid supply to 80%.
The current market capitalization of Bitcoin is $445.58 billion – Up from 407.38 billion a week ago.