Bitcoin in October: Nearly 30% Gain in the Month and Over 100% Gain in the Year
Bitcoin had a surprising month of October, with a 28% increase, the highest of the year. The asset has accumulated gains of more than 100% in 2023, from US$19,000 to US$38,000. What can you expect?
After three quarters of small gains and even periods of monotony, the last quarter of 2023 began to surprise in October, with Bitcoin rising by 28% in the month. It was the month with the highest gain of the year, and the asset has accumulated gains of more than 100% in the year, from US$19,000 to US$38,000.
This rise was driven by the expectation of the approval of the first Bitcoin spot ETF in the United States. A spot ETF is an investment fund that invests directly in an underlying asset, in this case, Bitcoin. Even without the approval being confirmed, some events led people to believe that it should be released in 2024, perhaps sooner.
With this frenzy, Bitcoin surpassed US$34,000 in the last week, breaking the US$31,000 barrier that had been in place since July. The fact that a Bitcoin ETF has caused one of the biggest positive movements for the asset shows a positive expectation for positions the rapprochement of the crypto market with the traditional one.
This, combined with the growing discussion of regulation and the expansion of blockchain technology, indicates a new moment for digital assets. It is the beginning of the path that distances this market from the stigma of being illegal and obscure, increasing the demand for institutionalized crypto.
Surpassing the Major Stock Indexes
In the 2023 year-to-date, Bitcoin has already surpassed 100% growth, reaching 108% in October. This means that Bitcoin investors who entered in January have doubled their position. This positive result is much larger than the major stock indices that have risen in the year-to-date. Check it out:
- Bitcoin (BTC): +108%
- Nasdaq 100 (NDX): +33%
- S&P 500 (SPX): +10%
- Ibovespa (IBOV): +8%
- CAC 40 (Paris): +5%
Is 2023 the Beginning of the Next Bull Cycle?
The last all-time high (ATH) of Bitcoin occurred in 2021, when the crypto hit US$69,000 in November. At the time, the market was also heavily driven by the hype of NFTs. Since then, Bitcoin and altcoins have lost value, especially in 2022, a year in which several events changed the course of the market.
Now in 2023, the market has begun to adjust to the new demands, such as more transparency and regulation to protect investors. The expectation is that 2024 will boost this cycle with launches such as ETFs and with the reduction of the continuous highs in interest rates.
Another event scheduled for 2024 is the Bitcoin halving, when the supply of new BTCs is reduced. Previous halving have a history of generating large upward movements in Bitcoin.
These events, cause optimism in the market for the coming years.
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