Cryptoverse: Bitcoin defies its doubters in 2023
bitcoin", 2023 has been the year of trauma recovery.
Bitcoin has bounced pluckily in the face of depressed crypto prices, low trading volumes and tough economic conditions. It even found a second wind in October following a summer slump.
«We've had a nice recovery, but we're just in the cusp of the new cycle,» said Kevin Koh, co-founder and managing partner at investment firm Spartan Group.
Indeed, 2023 has been a surprisingly good year for bitcoin.
Did you Know?
As a beginner to cryptocurrency investing, you should consider two critical things. First, you should determine and understand your risk tolerance, as cryptocurrencies can be volatile. Only invest what you can afford to lose. Secondly, don’t put all your funds in one cryptocurrency; diversify to mitigate risks. Deciding where to invest your hard-earned money can be difficult.
View Details» The king of cryptocurrencies has leapt 164% since Jan. 1 and is trading above $40,000. It has outpaced traditional assets, including gold which has risen 10% and the S&P 500 which has gained 20%.
Bitcoin also increased its share of the total cryptocurrency market, from 38% to above 50%, according to CoinGecko data. The overall crypto market cap has swelled to $1.7 trillion from $871 billion at the end of 2022, with ether's price jumping 95%.
Much of bitcoin's gains came later in the year as a potential U.S. spot bitcoin exchange-traded fund (ETF) and hopes of easier monetary policy renewed investor energy.
Trading volumes have picked back up too, with the combined spot and derivatives trading volume on centralized exchanges hitting $3.61 trillion in November, up from about $2.9 trillion in January, according to CCData.
Meanwhile, stablecoins — cryptocurrencies
