Bitcoin (BTC) outperformed other popular financial instruments and markets, including NASDAQ and the S&P 500, during the first half of 2023.
Amidst regulatory uncertainties across various jurisdictions, gloomy market conditions brought about by the FTX scandal of 2022, and other high-profile bankruptcies, the latest research data show that bitcoin (BTC), the world’s leading cryptocurrency outperformed other financial vehicles during the first half of 2023.
The bitcoin price opened at the $16,541 region in January 2023 and hit a yearly high of $31,000 in April before regulatory turmoils in the US triggered a market-wide bloodbath in June. However, the orange coin’s close above the $30k mark in June represents an 83% increase this year.
In contrast, the NASDAQ Index only managed a 34.08% increase, followed by the Nikkei 225 Index and Germany DAX Index at 27.19% and 15.98%, respectively.
Similarly, the S&P 500 Index, which has a market cap of $37.164 trillion at the time of writing, witnessed a 15.91% increase.
Mixed reactions
Despite bitcoin’s strong bullish momentum, Peter Schiff, a longstanding critic of the flagship cryptocurrency and staunch advocate of gold, bashed BTC again last month, predicting that the digital asset’s latest rise will be shortlived.
However, on the other end of the spectrum, billionaire entrepreneur and venture capitalist Tim Draper has predicted a 60-fold price surge for bitcoin by 2025.
The future looks quite bright for bitcoin, as it remains one of the few crypto assets recognized as security by US regulators. Against that backdrop, the crypto asset is expected to continue to attract more capital and ultimately reach new heights in the coming years.
At the time of writing, bitcoin (BTC) is exchanging hands for $30,261 with a market cap of $587 billion, according to data available on CoinMarketCap.
