The capitalization of bitcoin (BTC) in 2023 increased by $530 billion. According to Bloomberg estimates, the digital currency has become a more profitable asset compared to gold and shares of technology companies.
Kaiko’s research says that BTC has strengthened by more than 160% over the past 12 months.
The authors of the report also concluded that BTC has become more profitable than precious metals and the IT sector. Moreover, the value of the cryptocurrency grew despite difficult macroeconomic conditions and strong pressure on the blockchain industry from regulators.
More productive was only Nvidia, whose capitalization increased by 228% over the year, emphasized in Kaiko.
Analysts identified three market stages in 2023. The first stage came in January. This was followed by a weakening of volatility, and the cycle was completed by bitcoin’s fall run.
Between March and October, BTC traded in the range of $25,000 to $30,000. In June, a small surge in trader activity occurred after BlackRock filed an application to issue an exchange-traded crypto fund ETF investing in the digital currency.
Bitcoin saw a surge in the fall as investors waited for ETF funds to appear until late December. Now, applications are expected to be approved by January 10, 2024.