Bitcoin started 2023 with an upswing. Not only has the cryptocurrency surpassed $20,000 for the first time since the FTX exchange collapsed in November, but it has also outpaced the growth of gold. This completely changed the dynamics of the change in the price of bitcoin price to precious metal, since before that, in the 12 months to November last year, the value of bitcoin collapsed by 76% against the price of gold.
When informed According to Bloomberg, this indicator bottomed two months ago and drifted sideways (changed in a narrow range) after hitting the resistance level previously observed in 2018 and 2019. The 2023 bounce suggests that resistance has turned into a significant area of support.
Despite seeing a sharp rise of around 16% in early 2023, Bitcoin was still catching up against Tesla stock, which has surged even more this year. Compared to the low hit on Jan. 6, 2023, shares of the American automaker are up 25%.
It can also be expected that conditions for a more pronounced recovery of risky assets, which include cryptocurrency, are emerging in the context of declining inflation in the United States and rising gold prices.