While 2022 was a disastrous year for the cryptocurrency sector, 2023 was a banner year for Bitcoin . Indeed, according to a recent study, in November 2023, Bitcoin posted an overall gain of approximately 160%. In fact, only the stock of the semiconductor company Nvidia Corp (NVDA) outperformed Bitcoin, with a gain exceeding 240% annually. Bitcoin was thus the second-best performing asset of the year.
In 2023, the price of bitcoin was below the $17 mark while it reached $000 to close the end of the year in style.
The price of bitcoin on the rise
An analysis by the consulting firm Kaiko Research indicates that Bitcoin experienced a period of stagnation from March to October 2023 before BlackRock's announcement of the creation of an exchange-traded fund (ETF) on Bitcoin triggered an upward trend.
Kaiko Research also points out that Bitcoin's performance is increasingly detached from the stock market and other macroeconomic conditions, further strengthening its role as a hedge against inflation.
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