No one would believe if someone had said in projections for 2023 that at this point in the year, the first cryptocurrency on the market would lead the global advances, above indicators and ETFs, but conditions and investors have made it possible for it to become the King of financial markets worldwide.
Bitcoin as a “Safe Haven”
Bitcoin as a “safe haven” is one of the premises that have marked these first three months of the year in the financial markets, which, on account by banks, and against all expectations, have boosted Bitcoin to the top of the quarterly revaluations, in its best performance since June 2022, with an advance that has reached no less than $29,100 per asset.
The reasons have been already analyzed throughout these three months that have sounded truthfully good for Bitcoin and among the major cryptoassets. It has accomplished presence in the market, because one of the factors of its improvement is that, facing the fear unleashed since last March 10th, it has strengthened against the most volatile virtual currencies in which investors have less confidence.
A change that has also clearly been favored by factors such as lower earnings expectations in other areas, and by a Federal Reserve that, on account of the financial sector, has lifted its foot off the accelerator in rate hikes, which has greatly favored the asset.
The first quarter was very productive for Bitcoin with gains of more than 21%, in comparison with other indicators and assets such as gold.
Premium Strength Indicators prepared by Investment Strategies showed that Bitcoin has gone from neutral to strong, with medium-term remaining strong and even a very strong long-term, so, this means that its value will possibly continue to rise. In terms of trading, it needs to start breaking resistances and buying on supports, while the accumulation of excesses and low figures are seen as the present risk it holds.
Bitcoin in a Strong Position and Gaining Ground among Cryptocurrencies
In this sense, Cathie Wood one of Bitcoin’s loyal defenders has pointed out on YouTube that Bitcoin’s position now has once again made it continues to show its role as a stock of value, in its cryptographic mode, that its price will grow continuously, in what she also considers to be exponential in the future.
In recent days, venture capitalist Tim Draper has also been in favor of Bitcoin and has stressed that its price will reach $250,000 because he considers it one of the most important events in the markets. He has predicted that it could reach that price as early as June of this year, but now he says he is extending the possibility a little further.
What is clear is that Bitcoin is now in a strong position, as opposed to the negative drag that came with the FTX stock market collapse. It is a bet that many understand by what is known as “alternative money”.
As a closing statement, Bitcoin is gaining ground again among cryptocurrencies since its growth represents a presence of 44. 6% of the total values that now quantity to 1.23 billion dollars on a global basis.
By Marina Meza
