• Bitcoin is the best performing asset of 2023 so far, with gains of over 80%.
• 6.2 million BTC have returned to profit since the beginning of the year, representing almost a third of its total supply.
• On-chain analytics provider Glassnode stated that these figures suggest a “favorable regime shift” in Bitcoin’s market performance is underway.
Bitcoin Best Performer in 2023
Bitcoin (BTC) has posted the strongest quarterly returns since its November 2021 all-time high and has gained more than 80% since the beginning of 2023, making it the best-performing asset so far this year. Comparatively, gold has gained just 9%, whereas tech heavy NASDAQ 100 and S&P 500 have managed around 20% and 8.5%, respectively.
Bulls Gathering Pace
On April 17th, on-chain analytics provider Glassnode confirmed Bitcoin’s performance stating: “The strong market performance in 2023 is a stark contrast to 2022, and suggests a favorable regime shift is underway.” Furthermore, Glassnode investigated whether or not this could signal a return to a full bull market by looking at how much BTC had returned to profit since January 1st – 6.2 million BTC which represented almost a third of its total supply.
Bear Market Ending?
These figures are an indication that there may be large cost basis foundations forming below $30k for BTC as it rallies away from its lows – suggesting that the end of the bear market could be near as bulls gather more pace and take control again in Bitcoin markets.
When comparing various assets over recent months, it becomes clear that Bitcoin stands out as an impressive performer – especially when compared to traditional safe havens such as gold which have barely achieved any significant growth at all during this period..
In conclusion, it appears that despite any potential corrections along the way due to natural volatility within crypto markets – so long as demand remains consistent then Bitcoin looks set to remain one of the best performing assets overall during 2023.(