Bitcoin Tops First Half of 2023 with an 83.8% Increase
The data reported for the first half of 2023 paints a clear picture of Bitcoin’s performance to date. As per the reports, Bitcoin’s value increased by a striking 83.8%, enabling it to secure the first position. This notable growth clearly outperformed other significant world assets by a vast margin.
Comparative Analysis: Bitcoin vs. Other Major Assets
| Asset | Value Increase/Decrease (%) |
|---|---|
| Bitcoin | +83.8% |
| Nasdaq Index | +31.7% |
| Natural Gas | -37% |
Nasdaq index, which came second, witnessed a value increase by 31.7%. In contrast, natural gas suffered a 37% decrease in value, ending up at the last spot following a fall in other energy source prices.
Bitcoin’s Price Evolution in 2023
Bitcoin’s upward trajectory in 2023 has been remarkably clear, with an overall bullish bias. The new year saw the popular cryptocurrency commencing with a robust bullish sentiment. In January alone, Bitcoin saw a 47% rise, setting an upward trend for the months ahead.
- March Downturn: However, the cryptocurrency’s rise wasn’t without some setbacks. For instance, there was a downfall in Bitcoin’s price to $19,569 in March after it had climbed over $25,000 for the first time since August 2022.
- End of Bear Market: Nevertheless, numerous Bitcoin analysts cited the surge above $25,000 as a vital move in confirming the end of the bear market. Despite the subsequent pullback, most Bitcoin backers saw it as a consolidation stage and an opportunity for accumulation.
- Anticipation of Bull Run: The belief in a positive future trend for Bitcoin was further bolstered by the anticipation of a bull run ahead of the upcoming Bitcoin halving due in 2024.
- Mid-March Surge: A revival of the bullish pattern emerged in the Bitcoin market in mid-March. Bitcoin experienced over a 58% increase in just four weeks during this period, taking the price beyond the $30,000 threshold for the first time since June 2022.
- Consolidation and Bullish Return: Following this surge, Bitcoin underwent yet another phase of consolidation, falling back towards the $25,000-support region. After hitting a local low of $24,756, the bullish momentum returned, pushing the price back over the $30,000 mark.
BTCUSD Weekly Chart on TradingView (source)
Wrapping up June with a 83% YTD Gain
According to data from TradingView, as of the end June, Bitcoin’s price sat at $30,469. This represents a yearly gain exceeding 83%. At the time of writing, Bitcoin was trading at $30,503, suggesting that the positive momentum is still ongoing.
