The price of Bitcoin (BTC) is now up 50% this year despite ongoing volatility in equity markets.
Bitcoin, the largest cryptocurrency by market capitalization, continues to rise despite the recent collapse of several high-profile crypto-focused lenders and exchanges.
On January 1 of this year, Bitcoin was trading at $16,500 U.S. Its price is now hovering right around $25,000 U.S., outperforming both stocks and commodities such as gold.
Bitcoin’s year-to-date rally is trouncing the tech-laden Nasdaq index, which is up 12% so far in 2023. The benchmark S&P 500 index is up 2.5% year-to-date.
Gold, which is viewed as an asset that investors run to in times of stress, is up 3% this year.
The most recent rally comes despite the closures of Silvergate Capital (SI) and Signature Bank (SBNY), two of the largest lenders to the cryptocurrency sector.
However, it should be noted that Bitcoin’s price remans 60% lower than its al-time high of nearly $69,000 U.S. reached in November 2021.
