Regardless of the extremely bearish 2022 and the detrimental predictions for the brand new yr, bitcoin show all of the critics fallacious in January, rising its USD worth by virtually 40%.
Thus, this turned the asset’s best-performing January since 2013.
10 Years Later – Large Positive factors
2022 turned out to be one of many worst years for bitcoin by way of value motion as your entire trade deteriorated amid huge collapses. It began with the Terra ecosystem implosion mid-12 months, adopted by quite a few chapter filings from firms with publicity to LUNA and UST.
The sector was lastly beginning to get well on the finish of the yr when FTX went down in an much more spectacular vogue. Being one of many giants within the discipline till November, the contagion unfold viciously, and the ripple results had been felt virtually in all places.
Focusing again on bitcoin, it plummeted under $16,000 for the primary time in about two years. Only for reference, it traded above $46,000 on January 1, 2022. As such, it completed final yr with a drop of 65%, though it added round a grand by the top of it.
The primary week of the brand new yr was considerably related, with BTC standing quiet under $17,000. Nonetheless, the asset lastly broke above that coveted line on January 9 and has by no means regarded again since. Simply the other, it surged by double digits and charted a 5-month excessive at $24,000 through the previous weekend. Regardless of shedding some worth within the subsequent two days, bitcoin nonetheless managed to shut the month at round $23,000 – a 39.66% enhance, in line with CoinGlass.
This has made it the best-performing January since 2013, when it skyrocketed by 44%. General, this previous January was one of the best month for BTC since October 2021 (39.93%).
What About February?
With February already right here, it’s attention-grabbing to see what historical past tells us about BTC’s efficiency in that month. As the image above demonstrates, it has been a extremely constructive one for the cryptocurrency since CoinGlass retains information (2013).
Actually, February 10 years in the past was one of the best, with a mindblowing value enhance of 61.77%, adopted by 2021 (36.78%). Solely in 2014 (-31.03%) and 2020 (-8.6%) bitcoin ended the month at a lower cost valuation than it entered it.
The predictions for this yr range broadly, with quite a few BTC proponents envisioning huge value beneficial properties and critics foreseeing one other bearish yr.