Apex cryptocurrency Bitcoin (BTC) has started 2023 on a high, shaking off last year’s biting crypto winter.
So far this year, Bitcoin has added almost 72% to $28,500. That represents its best quarterly gain in two years.
Bitcoin has managed to shrug off analysts’ estimation of it falling to as low as $12,000 this quarter.
Notably, Bitcoin has trumped other asset classes as it has outperformed ether, the second-largest cryptocurrency by market value, Gold, and Wall Street’s tech-heavy index Nasdaq.
Ether appears to be on track for a 50% quarterly gain. Gold has added over 7%, while the Nasdaq has rallied 15%.
Bitcoin’s rebound has been fueled by speculation that central banks, led by the Federal Reserve (Fed), will abandon their aggressive rate increases in response to recession signals.
According to Fed funds futures, traders now see the Fed beginning an easing cycle in June with a 25 basis point rate cut.