“While market fundamentals are now strong and investors are seeing significant gains, they remain in the early rather than late stages of a bull cycle,” the experts wrote.
Bitcoin continues to lead the way as one of the best-performing assets of 2023. The world’s number one cryptocurrency has not only grown more than 140% since January, but also continues to dominate the rest of the digital asset industry, the report says. Meanwhile, other cryptocurrencies like Ether have seen only relative growth in recent months.
“The current cycle for BTC is similar to the 2015-17 and 2018-22 cycles in terms of the duration of the recovery and drawdown,” Glassnode analysts say.
With such an impressive year for BTC, the vast majority of Bitcoin investors are now back in the black. With the market trading well above the true average market price, most Bitcoin holders will rebuild their portfolios after the 2022 bearish trend, experts add.
The first cryptocurrency continues its growth. On the night of December 6, the price of Bitcoin exceeded $44,000 – this is the highest level since the beginning of April 2022. Over the week, BTC rose more than 15% to $43,000.
Based on the results of November, analysts at the world’s largest crypto exchange Binance came to the conclusion that the digital currency market has just begun to rapidly recover. According to the research results, the market experienced an upswing throughout the first half of the month, and then entered a period of fluctuations.
Source: Bits
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