Bitcoin (BTC) outperforms all other assets.After a positive first quarter, BTC has never had a year of decline
- Bitcoin (BTC) outperforms all other assets.
- After a positive first quarter, BTC has never had a year of decline.
Bitcoin (BTC), as the world's largest cryptocurrency by market value, has become the world's largest asset. The asset class return report for the first quarter of 2023 shows that Bitcoin outperformed all other assets.
According to the report, BTC's quarterly performance was strong, making it the top asset with 71.9%. The price of BTC surged to the $30000 mark this quarter. The surge in BTC prices even occurred after US regulatory agencies attempted to control the entire encryption market.
Factors that contribute to Bitcoin performance
The banking crisis in the cryptocurrency market is one of the factors contributing to Bitcoin's performance. BTC shines brightly when needed. After consecutive collapses, people's confidence in the banking system has been questioned. The soaring prices of BTC during the banking crisis boosted investor confidence.
This is the fourth best result for Bitcoin in the first quarter. After analyzing the previous results, BTC has never experienced a decline since performing well in the first quarter. In addition, BTC's strong first quarter brought better results.
This quarter, the correlation between Bitcoin and asset risks such as US stocks has shown a steady downward trend. For many years, the correlation between BTC and other asset classes has been negative.
At the time of writing, the trading price of Bitcoin was approximately $28256, which has increased by 2.85% in the past 24 hours. According to CoinMarketCap data, BTC's trading volume was approximately $17381617731, a decrease of 1.34%.
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