Good day everyone,
I hope you are all well and having a great day, welcome to CryptoGod-1's blog on all things crypto. We all know 2022 was a difficult year for crypto, with price and projects crashing left right and centre, exchanges going bankrupt, and the FEDs getting involved. So a typical year in crypto by all regards. Thankfully, we have seen a bright start to 2023, with the highest single monthly rally in the price of Bitcoin for a decade.
What a Difference a Decade Makes
Before you say it, I know, we would all love to teleport back to 2013 and line our pockets with Bitcoin. The beautiful king of crypto opened the month of January in 2013 at a price of $13.50, and closed at a price of $21.40. Compare that with 2023 with the opening price for Bitcoin on the 1st of January being $16,537.50 and the closing monthly price at $23.124.70. Oh if only we could go back. It has been a massive jump in a decade for the price of Bitcoin, and as shown in the charts below that has not been all smooth sailing.
There has never been a complete year with gains in every month, even the famed bull runs of 2017 and 2021 saw months in the red. Ups and down are all part of the crypto cycle, and even the horror show that was 2022 saw 1/3 of the years having green months. It is all about perspective in crypto, as a green month after a heavy red month, or vice versa, can mean little to someone holding a bag.
However, while the decade growth has been amazing, when we look at the actual year on year price chart things become a lot clearer. If you have not been involved in crypto over the past couple of years this will be quite the eye opener, but by taking a look at the historical prices on a graph, we get an even better picture of where Bitcoin sits today.
We are in a drop, and quite a drop, from the all time high prices above $60,000. While we are nowhere near to those levels, there is some optimism in the market of late.
January 2023 and Beyond
As shown above 2022 was not kind to crypto, but every new year brings new optimism and predictions. With many seeing 2023 as a continuation of the negativity, Bitcoin has surpassed many expectations in the last month and recorded a growth of almost 40% in its USD value. This makes 2023 the best performing January for Bitcoin since 2013, when the asset grew by a staggering 44%.
What does this mean in actual tangible numbers? Well, Bitcoin dropped below $16,000 for the first time in about two years at the end of 2022, and to give this real context the asset was value at around $46,000 on January 1, 2022. That means it saw a 65% drop over the course of 2022, although the signs of a reversal in the trend were beginning to emerge towards late December 2022.
January 9th 2023 was when the turnaround began, with Bitcoin pushing above the $17,000 mark and has surged beyond $24,000 during the past weekend, marking a 5-month high. It has somewhat steadied in around the $23,000 by the close of the month, resulting in that 39.63% increase.
With February here we are all eager to see where Bitcoin goes. Going off past performances, February has been one of the most positive months in terms of Bitcoin growth, barring 2014 which saw a decrease of 31.03%. A decade ago its was Bitcoins best February, with a price increase of 61.77%, followed by 2021 36.78%. While nothing is guaranteed, if we can see a similar level of growth this February as we did a decade ago, it will certainly be an excellent start to the new year for crypto and especially Bitcoin. Many critics foresee another bearish year ahead, but the past month has seen Bitcoin at its highest level since August of last year. It was also the best monthly rally for Bitcoin since a 40% rally in October 2021.
The next big hurdle for Bitcoin will certainly be determined in the days following the Federal Reserve's monthly rate hike decision. Has the damage of FTX been absorbed by the market and the shock passed? Things have began to stabilise and possibly the worst of the damage is over. Investors are beginning to feel confidence again and that the collapses of exchanges are (hopefully) done. According to the data from Coinmarketcap, year to date, the total market capitalization for cryptocurrencies is up 24% to $1.05 trillion. Global crypto volume has risen to $5.5 trillion on spot exchanges, which is up 61% since the beginning of the year.
All in all it is impossible to really know what will happen, but for now, may the good times continue and let us have another green filled moth. Its unlikely to take us to the moon just yet, but every bit helps.
Hopefully its all good times ahead.
Have a great day.
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