Bitcoin (BTC), the world’s largest cryptocurrency, has been riding a significant relief rally since the start of 2023. Surpassing major commodities like Crude Oil (WTI) and Gold (XAU), BTC has emerged as the top performer, showcasing a remarkable 15% surge over the past 90 days. Notably, this surge occurred amid a major sell-off in global bank shares.
Subheading 1: Impressive 90-Day Performance
BTC Soars from $16,547 to Breach $30k
At the beginning of 2023, Bitcoin started trading at an average price of $16,547. Despite the intense selling pressure in the global financial markets, BTC successfully broke through the crucial $30k price level on April 15, 2023. The last time Bitcoin reached this milestone was on June 9, 2023.
Subheading 2: Bitcoin Outshines Major Commodities
BTC’s 15% Surge Trumps Crude Oil and Precious Metals
According to a Glassnode Report, Crude Oil (WTI) experienced 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 witnessed a surge of 7.5% and 12.7% respectively.
In contrast, the world’s largest cryptocurrency, Bitcoin, recorded an impressive surge of approximately 15% during the same period, outperforming 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: Crypto Market Correction Phase
Rise in Non-Zero Addresses Indicates Preference for BTC
Glassnode Alert data reveals that the number of non-zero addresses for Bitcoin reached an all-time high (ATH) of 47.24 million on May 30, 2023. Additionally, the number of addresses holding over 0.01 BTC also achieved an ATH of 12.02 million on the same day. These statistics suggest that investors are favoring Bitcoin over other commodities.
However, Bitcoin’s price experienced a decline of more than 5% in the past 30 days, indicating a correction in the market. Data suggests that the market is currently characterized by low volatility and a narrow trading range, potentially disrupting the equilibrium in the near future.
As the cryptocurrency market navigates through these dynamics, Bitcoin’s remarkable performance and investor preference underscore its resilience and potential for further growth.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. Cryptocurrency investments carry inherent risks, and readers should conduct their own research before making any investment decisions.