Happy New Year Everyone!! Let’s talk about Bitcoin the star of 2023.
Bitcoin being the Star of 2023 and in 2024 the focus has already shifted towards the potential approval of a Bitcoin ETF in the United States, the fourth Bitcoin halving event, and numerous developments and activities in the altcoin market for the upcoming year.
Additionally, some altcoin projects, such as Solana, have gained prominence, making 2023 a year worth exploring for the overall market performance of the largest and most popular crypto assets.
Table of Contents
Bitcoin the star of 2023
Throughout most of the year, Bitcoin distinguished itself with notable price gains compared to both the crypto market and traditional markets. Starting the year below $17,000, Bitcoin experienced rapid growth, reaching the $20,000 level by mid-January.
Overcoming the significant resistance at this level, surpassing the $30,000 mark posed a greater challenge, taking months for Bitcoin to achieve. However, after breaking through this resistance, Bitcoin gained momentum and surpassed the $42,000 level by the end of the year.
The peak occurred in early December, with Bitcoin nearly reaching a 19-month high at almost $45,000.
Despite a retreat from this local peak, Bitcoin concluded 2023 with a remarkable 156% increase. This development signifies that Bitcoin significantly outperformed nearly all traditional financial assets, including the S&P 500, NASDAQ, and gold.
Altcoin Market Developments
While Bitcoin dominated 2023 to some extent, numerous altcoins finished the year with substantial gains. However, none were as impressive as Solana. Despite concerns of FTX and Alameda potentially offloading billions of dollars worth of SOL, the Layer-1 blockchain network became the focal point of the latest memecoin rally, and SOL finished the year above $100. This surge resulted in SOL experiencing a more than 900% increase on an annual basis.
Other notable gainers for the year included;
- Avalanche (257%)
- Chainlink (170%)
- Bitcoin Cash (171%)
- ICP (240%)
- OP (291%)
- Cardano (142%)
Among mid-sized altcoins, STX stood out with a 600% annual increase, influenced by the Ordinals craze. ETH, XRP, DOGE, MATIC, and DOT, among other high-volume altcoins, could not outperform Bitcoin, with their annual gains remaining below 100%.
BNB, however, exhibited a 27% increase in 2023, a noteworthy achievement considering Binance’s legal regulatory issues and CZ’s resignation. The total crypto market value more than doubled in 2023, rising from under $800 billion to over $1.6 trillion.
Conclusion
To conclude, Bitcoin being the star of 2023 and being the center of attention in 2024 due to the major events like ETF and halving coming ahead. Some Altcoins and memecoins also outdid themselves in 2023.
A major bull run is expected in 2024 with Bitcoin achieving new ATH and altcoins reaching to new highs.
Note: It’s a research based article not a financial advice.
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