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Bitcoin is undoubtedly the most prominent cryptocurrency in the world, and it greatly dominates the price of other assets as well.
After the recently noted global financial crisis, many believed the crypto market to take a hit as well. This crisis caused significant damage, resulting in the collapse of several banking giants.
However, contrary to popular belief, not only Bitcoin but the overall crypto market showed quite the resilience.
The flagship crypto asset has surged higher than the $28k price mark and is currently trading at $28,337 (at the time of writing). This occurred after BTC successfully outperformed the most important commodity “gold” in recent months.
Mike McGlone, a senior commodity strategist at Bloomberg, has shared his analysis of Bitcoin’s performance in 2023. According to that, BTC has outperformed gold “almost 10-fold”, which may indicate the beginning of a ‘super cycle’ in crypto.
McGlone also took to Twitter and shared more details.
Looking for a super cycle? Bitcoin Outperforms #Commodities With Declining Risk – #Bitcoin beating #gold, the top-performing old-guard commodity in 2023 to March 20, by almost 10x may be indicative of a super cycle happening in the #crypto. pic.twitter.com/DGdAL3PW3C
— Mike McGlone (@mikemcglone11) March 21, 2023
He also highlighted that people might be more inclined to purchase BTC over gold, due to its ‘low but growing adoption rate and diminishing supply’.
Additionally, according to McGlone, if the past trends continue for Bitcoin, the crypto king is likely to see a price recovery, instead of commodities such as gold.
It is also intriguing to know that despite the collapse of some major banks, the flagship digital currency has added more than $200 billion to its market cap in 2023 so far.
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The post Is Bitcoin’s ‘Super Cycle’ in Progress? appeared first on Bitcoinsensus.
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