After a less-than-stellar performance over the last two years, Bitcoin now appears to be getting back on its feet in 2023 and is currently trying to break above $30,000.
Especially in the first quarter of the year, cryptocurrency restored some of its positive market sentiment and is now proving to be one of the most favourable investment options out there.
Even compared to other cryptocurrencies on the market, Bitcoin has performed wonderfully and is currently leading others like Ethereum, BNB, Dogecoin and XRP.
According to the charts provided by TradingView, Bitcoin currently sits at $27,809 after rising from a quarterly low of about $16,550 from January until March this year.
This rise from the $16,550 lows represents a rally of about 68.03% in the first quarter of the year.
But how has cryptocurrency performed, compared to other traditional financial assets?
The amazing part about Bitcoin's performance over the first quarter of the year is that when compared to the largest indexes on the market (including the NASDAQ composite or the S&P 500), Bitcoin has outperformed these assets by a "very" wide margin.
According to the market capitalization of the companies that make up each index, the S&P 500 (SPX), Dow Jones Industrial Average (DJI), and Nasdaq Composite (IXIC) are the three biggest indices in the world.
NASDAQ Composite (IXIC), S&P 500 (SPX), and US Small Cap 2000 (RUT) were the three indices with the highest returns in the first quarter of the year.
These indices made returns of 17.39%, 6.36%, and 2.51%, respectively from January to March.
And while the FTSE 100 (FTSE) with an ROI of 0.99% got in fourth position, the Dow Jones Industrial Average (DJI) took fifth place with an ROI of 0.56%.
Calculating the average returns of all these indices reveals a 5.562% rise in the market's top five indices.
And when compared to Bitcoin's 68.03% rise, it shows that Bitcoin is now leading the average increase of the Index market's top five offerings by approximately 1123.44%.
And compared to the leading Index on the market (NASDAQ at +17.39), Bitcoin is now leading the Index market's best performer by as much as 43.27%.
The outstanding performance of Bitcoin in the first quarter of 2023 may have been caused by several things. However, the effects of the banking industry's failures stand out as being particularly important.
Investors, over the last few months, have come to see the bitcoin market as a great substitute for traditional financial systems, owing to the instability in the banking industry.
The large capital inflows into the asset during Q1 as the market value of big banks dropped indicated an interest on the part of investors, in Bitcoin.
This is likely the reason for the performance of the cryptocurrency, compared to that of the stock market.
According to CoinMarketCap, Bitcoin is slightly bearish over the last day and is now trading below the $29,000 support, around $27,926 at the time of writing.
The cryptocurrency started the trading day at around $27,700 and rallied to a high of $28,300 in an attempt to retest the $29,000 zone.
The charts also show that the cryptocurrency is slightly bearish today, and TradingView's summary of Bitcoin shows a neutral stance on the Oscillators, a very strong buy on the moving averages, and a moderate "buy" signal as a summary verdict.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.