Bitcoin, the world’s largest cryptocurrency, has experienced a remarkable relief rally since the beginning of 2023. Outshining major commodities like Crude Oil (WTI) and Gold (XAU), BTC has emerged as the biggest gainer, exhibiting a 15% surge over the past 90 days. Interestingly, this surge coincided with a significant sell-off in global bank shares.
Subheading 1: Bitcoin’s Impressive Price Rise
BTC’s Journey from $16,547 to Breaching $30k
At the start of 2023, Bitcoin commenced trading with an average price of $16,547. Despite the intense selling pressure in the global financial markets, BTC managed to break through the $30k price level on April 15, 2023. This crucial milestone was last achieved by Bitcoin on June 9, 2023.
Subheading 2: Bitcoin Outperforms Major Commodities
BTC’s 15% Surge Surpasses Crude Oil and Precious Metals
According to a Glassnode Report, Crude Oil (WTI) witnessed a 4% decline over the past 90 days, currently trading at an average price of $70.30. On the other hand, the prices of precious metals Gold and Silver experienced a surge of 7.5% and 12.7%, respectively.
In contrast, Bitcoin, the largest cryptocurrency, recorded an impressive surge of approximately 15% during the same period, surpassing the performance of other major commodities. As of now, Bitcoin is trading at an average price of $27,844, with a 24-hour trading volume of around $13.61 billion.
Subheading 3: Bitcoin’s Market Dynamics
Non-Zero Addresses and Investor Preference for BTC
Glassnode Alert data reveals that Bitcoin achieved an all-time high (ATH) in the number of non-zero addresses, reaching 47.24 million on May 30, 2023. Additionally, the number of addresses holding over 0.01 BTC also reached an ATH of 12.02 million on the same day. These figures indicate a growing preference for Bitcoin among investors compared to other commodities.
However, Bitcoin’s price witnessed a decline of over 5% in the past 30 days, signaling a correction in the market. The data suggests that the market is currently experiencing low volatility and a narrow trading range, potentially disrupting the equilibrium in the near future.
As the cryptocurrency market continues to evolve, Bitcoin’s impressive performance and investor preference indicate its resilience and potential for further growth.
Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Cryptocurrency investments carry risks, and readers should do their own research before making any investment decisions.