Bitcoin dominates FY24 with over 150% surge, outpacing traditional markets
investors across the financial spectrum are contemplating a year marked by remarkable gains in various sectors, spanning traditional equities, bonds, gold, and the ever-evolving world of cryptocurrencies.
Amidst this dynamic landscape, Bitcoin has emerged as the standout performer, showcasing an impressive surge of over 150% over the past twelve months. Surpassing stalwarts like Nifty50 and Gold, which recorded gains of nearly 30% and 11% respectively, Bitcoin has delivered substantial returns. Meanwhile, some altcoins saw staggering price increases of up to 5,535%, generating unprecedented returns for investors.
At the start of FY 2023-24, Bitcoin was trading around $28,500. By the arrival of March 2024, its value had soared to an impressive $73,750.
FY24 began on a positive note for cryptocurrencies, witnessing market recovery since the start of 2023 and numerous positive developments in the space. Momentum accelerated in January 2024 with the approval of Spot Bitcoin ETFs. As FY24 drew to a close, the crypto market experienced heightened activity, with Bitcoin reaching a new all-time high (~$74,000), signaling the start of a robust bull run, according to Edul Patel, CEO of Mudrex.
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