The Surprising Rise of Bitcoin: A Look into Its Best Quarterly Performance Since 2021

04/01/2023 18:13 • Metaverse & Beyond • 115 views

On April 1st, according to Dow Jones market data, the price of Bitcoin has risen by about 70% this quarter, and is expected to record its best quarterly performance since the first quarter of 2021. Bitcoin has risen 22% this month due to the global banking crisis. Despite the crackdown on cryptocurrency companies by federal regulators and the increasingly risk averse market environment, Bitcoin is still soaring. “From a price perspective alone, Bitcoin’s performance in the first quarter of this year was very impressive,” said Craig Erlam, a senior market analyst at Oanda. “But from a fundamental perspective, you can think that the situation is just the opposite, which is the reason for so much confusion.” Bitcoin is currently trading above $28000 per piece, still 59% below the historical high of $68990 set in November 2021. (Jin Shi)

Bitcoin is poised to achieve its best quarterly performance since 2021

In recent months, the price of Bitcoin has surged, leaving many people wondering about the cryptocurrency’s future. This article will examine why Bitcoin has risen by about 70% this quarter and how this surge is expected to record its best quarterly performance since the first quarter of 2021.

What led to Bitcoin’s surge?

On April 1st, 2022, the Dow Jones market data revealed that the price of Bitcoin has risen by approximately 70% in just one quarter. One factor that has played a significant role in this surge is the global banking crisis. Bitcoin has risen 22% this month alone, as investors are seeking a safe haven in light of the unpredictable situation in global banking.
Despite the crackdown on cryptocurrency companies by federal regulators and the increasingly risk-averse market environment, Bitcoin is still soaring. This is a testament to the durability of cryptocurrency, as it has become a viable option for investors seeking refuge from recent financial turmoil.

Analyst Opinions

According to Craig Erlam, a senior market analyst at Oanda, “From a price perspective alone, Bitcoin’s performance in the first quarter of this year was very impressive.” However, he adds, “From a fundamental perspective, you can think that the situation is just the opposite, which is the reason for so much confusion.”
Bitcoin’s price surge is not supported by its fundamentals, according to Mr. Erlam. However, it is crucial to note that Bitcoin’s value is determined by its users, much like any other currency. Therefore, a rising demand for Bitcoin, coupled with limited supply, can result in an increase in its value.

Bitcoin Price Comparison

At present, Bitcoin is trading above $28000 per piece, still 59% below the historical high of $68990 set in November 2021 (Jin Shi). While Bitcoin’s price has not yet reached its all-time high, it is still an impressive feat given the current global financial state.

Cryptocurrency Outlook

Despite the skepticism around cryptocurrency’s future, Bitcoin’s performance in the first quarter of 2022 has given hope to many people. The rise in value suggests that cryptocurrency can be a reliable and stable investment option, despite its volatile nature.
The rise in Bitcoin’s value also suggests that cryptocurrency is here to stay, and it is becoming more accepted in mainstream financial planning. However, investors should be cautious and perform their due diligence before making any investment decisions.

Conclusion

The surge in Bitcoin’s value has been significant and has led to many people rethinking their investment strategies. While the rise in value seems to stem from external factors such as the global banking crisis, cryptocurrency’s durability and value are becoming increasingly undeniable.

FAQs

**Q:** What led to Bitcoin’s rise in value?
A: Bitcoin rose due to the global banking crisis, which led many people to seek refuge in more stable investments.
**Q:** Why is Bitcoin considered a volatile investment option?
A: Bitcoin is considered a volatile investment because its value is subject to rapid fluctuations based on various external factors.
**Q:** Should investors consider investing in Bitcoin?
A: Investors should perform their due diligence before making any investment decisions, including investing in Bitcoin.
**Keywords:** Bitcoin, cryptocurrency, global banking crisis, investment, value, volatility.

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