As 2024 draws near, the time has come to look back at the year almost behind us and examine all the trials and tribulations, as well as the positive developments that the flagship decentralized finance (DeFi) asset, Bitcoin (BTC), experienced during these eventful months.
Indeed, the largest asset in the cryptocurrency industry by market capitalization started the year off on the right foot, already racing as much as 37.56% in January alone, in a winning streak that saw it go from a mere $16,604, where it stood on December 31, 2022, to $22.840 as of January 31, 2023.
Since then, Bitcoin has moved in a more or less consistent upward fashion, gaining only 1.65% in February but making its first more significant movement toward the end of March, as it soared nearly 41% from $20,195 on March 11 to $28,460 on March 24, becoming the best-performing asset class in Q1 2023.
In April, it crossed another significant threshold, this time at $30,000, staying above it for a week before falling back to the $25,000 – $29,000 levels, where it remained until its next big push in late June and early July, which also preceded another decline to the area around $26,000.
Bitcoin goes from $16,000 to $44,000
However, influenced by the positive news regarding the United States Securities and Exchange Commission (SEC) potentially approving the first spot Bitcoin exchange-traded fund (ETF), the maiden cryptocurrency soared from this zone to the yearly high of $44,386 it reached on December 8, or over 70%.
At press time, Bitcoin was changing hands at the price of $41,138, representing a 7.32% decline from the above price, a drop of 1.96% on the day, and a loss of 6.14% across the week as of December 13. That said, it has retained the bullish momentum that pushed it above the important psychological level of $40,000.
All things considered, Bitcoin is exiting 2023 in an optimistic (if slightly cautious) mood, particularly as it has increased its price by almost 150% since the year’s turn and with promises of more good things to come as the spot Bitcoin ETF is looming, and the crypto crowd is preparing for its next halving event.
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