Diksia.com - NEW YORK, Bitcoin’s popularity in cryptocurrency trading over the past few years continues to show a positive trajectory until it is named the most profitable crypto asset in 2023.
This rating was set for Bitcoin after this one crypto coin experienced massive growth in the first quarter of 2023, shooting up to 71.77 percent.
In the third quarter (Q3) and fourth quarter (Q4) of 2021, Bitcoin also delivered positive performance, growing 25.01 percent and 5.45 percent, respectively.
With this surge, Bitcoin has successfully recorded its 230 percent growth in the past 12 years since 2011, to be precise. According to Finance Magnates, even the growth rate of Bitcoin is said to be 10 times higher than that of the Nasdaq 100 index
Bitcoin’s surge in popularity in the crypto market was due to several factors, one of which was the restoration of investor confidence in digital asset trading after several major US banks went bankrupt.
The pressure exerted on the US banking system caused investors to start switching to crypto assets instead of investing in dollar assets, especially in the last few weeks, the position of the US dollar in the international market started due of the implemented de-dollarization measures are losing ground implemented by a number of countries.
Aside from the restoration of investor confidence, the positive sentiment boost from the launch of the Bitcoin Spot ETF has also seen the price of Bitcoin surge into the green.
The filing report, published by cryptocurrency asset trading firm Blackrock, explained that the issuance of ETFs was done deliberately to help investors access crypto assets at one of Wall Street’s largest companies.
This policy was released because Blackrock saw Bitcoin as the right investment vehicle. Additionally, Bitcoin’s position is similar to that of stocks, which own digital assets either directly or indirectly.
While the Spot Bitcoin ETF launch is yet to be officially made, BlackRock’s entry into the Bitcoin ETF space has created positive sentiment on a number of crypto trading platforms amid threats from American equities.
“Regulatory clarity encourages more adoption of Bitcoin amid frenetic trading in the crypto industry,” said MicroStrategy co-founder Michael Saylor, quoted by Cointelegraph.
Before bitcoin price surged back above $30,000, this one coin had fallen sharply in 2022. Bitcoin’s market cap fell 64 percent, from a price of $50,000 per coin in 2021 to $16,621 in November 2022.
This drop triggered a bitcoin collapse alarm in the global market. Even though Bitcoin has risen despite the threat of a bear market, several analysts have urged investors to be cautious as Bitcoin’s movements are very volatile.
FYI, over the past week, the price of bitcoin has surged as much as 0.64 percent to $30,523. Be the best performing asset in the first quarter of 2023.
