The biggest cryptocurrency, Bitcoin’s rally in continuous hiking price put the cryptocurrency on the top of the leaderboard in the first quarter for being the best-performing asset class by a wide margin.
According to reliable data, Bitcoin had its best quarter since March 2021, with a 72% increase. This surge was much higher compared to the 7% year-to-date advance of the S&P 500, the 20.5% uptick of the Nasdaq 100, and the 6.8% jump of iShares 20+ Year Treasury Bond ETF.
“For many crypto market observers, it’s not at all a surprise,” said Noelle Acheson, author of the “Crypto Is Macro Now” newsletter. “All the signs were pointing to a strong price floor starting last November, and it was just a matter of time before either the liquidity narrative changed (which it did in early January) or longer-term investors saw a store-of-value opportunity (which seems to have also happened).”
However, crypto analysts are not able to explain the factors behind the hike in Bitcoin’s price. After seeing a historical fallout in 2022, Bitcoins recovered their momentum at the beginning of this year.
Even though, Bitcoin stayed almost untouched by the recent turmoil in the baking sector that wiped out three major banks, Silvergate, Signature, and Silicon Valley Bank. Inversely to this devastation, Bitcoin has surpassed $28,000 which is the highest in the last six months.
Following Bitcoin, another cryptocurrency like Ethereum has gained value in the recent weeks.
