Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has become the world’s number one asset.
- Bitcoin (BTC) has outperformed every other asset.
- BTC never had a down year after the positive first quarter.
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 Quarter 1, 2023, shows that Bitcoin outperforms all other assets.
According to the report, BTC had a strong quarter, which led to it becoming the number one asset with 71.9%. The price of BTC has skyrocketed during this quarter to reach the $30K mark. The BTC price surge even comes after U.S. regulators tried to control the activity across the crypto market.
Factors That Help Bitcoin Performance
The bank crisis in the crypto market is one of the factors that helped Bitcoin’s performance. BTC shined when it was needed. Faith in the banking system was in question after the continuous collapse. The price surge of BTC during the banking crisis boosts investors’ confidence.
This is Bitcoin’s fourth-best quarter-1 result. Analyzing the previous results, BTC never had a down year after the positive first quarter. Moreover, the strong first quarter of BTC has brought even better results.
In this quarter, Bitcoin’s correlations with the risk of assets like U.S. equities have shown a steady decline. Over the years, the BTC correlation 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. The trading volume of BTC is around $17,381,617,731, with a decline of 1.34%, according to CoinMarketCap.
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