Bitcoin has shown a strong force in terms of value over gold, and Nasdaq again. This time the largest cryptocurrency by market cap had gains of 72.4% QoQ from January to March 2023.
According to Coingecko, Bitcoin was the best-performing asset globally in Q1 2023, followed by the NASDAQ index (15.7%) and gold (8.4%). “This is the highest quarterly gain since Q1 2021” and can be attributed to the bank crisis of March 2023, said Coingecko.
After reaching an ATH of $69,045 on 10 November 2021, bitcoin has gone down over the years. After dropping to as low as $15,782 in November 2022, Bitcoin started rising again and reached $30,000 in March 2023. Yet, its performance is better than any other asset class.
The report also recorded that Crude oil is the only asset that ended the quarter at a low with a 6.1% plunge in value due to a “reduction in oil demand, on top of the US banking crisis”. Fiat currencies, including the US dollar, remained stable from January to March 2023.
Bitcoin trading volume, price, mining hash, and ordinals
Further details about Bitcoin’s performance in Q1 2023 showed that its price increased from $16,540 at the beginning of the quarter to $28,516 at the end. Then the trading volume of bitcoin at the beginning and end of Q1 2023 was around $9.2 billion and $19 billion respectively.
As the price of Bitcoin adjusted to market forces, research highlighted that its mining hashrate increased progressively, reaching an all-time high of 398 TH/s on March 22.. “Mining hash rate continues to climb, having increased by 24% QoQ another ATH of 398 TH/s and on 22 hitting March.”
The hash rate is a measure of the processing capacity of a crypto network. It is commonly measured in “hashes per second” (H/s), “mega-hashes per second” (MH/s), “giga-hashes per second” (GH/s), or “tera-hashes per second” (TH/s) units. The higher the hash rate, the more secure the network, but the more challenging and competitive mining becomes.
Coingecko noted that the release of Bitcoin Ordinals, an NFT launched on the Bitcoin blockchain that garnered attention from Yuga Labs and Magic Eden, was a significant development..