News - BTC outperforms almost all traditional assets in 2023

By Mike Hesp

BTC outperforms almost all traditional assets in 2023

Bitcoin (BTC)

Whether it is stock indices or precious metals, almost no classical asset can match Bitcoin with an 80% rise since the beginning of the year.

Whether it's ETF indices, most tech stocks, gold or silver, in the first two quarters almost no traditional asset can match Bitcoin. The price has more than doubled with an increase of more than 80%. At the same time, the cryptocurrency is proving extremely resistant.

Cryptowinter: Water under the bridge?

In November 2022 FTX, the second-largest crypto exchange, went bankrupt, scaring off investors and trading partners. The industry's image: tarnished. Bitcoin stood at about US$16,500 at the beginning of the year. War, inflation and Corona: the macroeconomic starting point seemed bad for the blockchain industry. The hype around NFTs and the accompanying bull run had been going on forever. In 2023, the US authorities also took the sector to task, first and foremost the US Securities and Exchange Commission (SEC): they were cracking down on the crypto industry. They did not want to see a new FTX. This brought additional uncertainty to the market.

But against all odds, Bitcoin put in a remarkable performance. At the time of writing, it is trading at US$30,665.

Recovery of altcoins

Ethereum (ETH) rose also by 57.3% in the first two quarters. A look at the growing market capitalization of other major projects confirms the positive trend since the beginning of the year.

The US influence on the crypto sector is large, but not overwhelming. The past few months have shown that. Other economic zones are opening their doors to the industry. Hong Kong is working hard on crypto-friendly regulations. Europe has MiCA adopted, a comprehensive set of rules for digital assets. A similar development is emerging in the United Kingdom.

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