BlocksInform
Despite the very down 2022 and negative forecasts for the New Year, Bitcoin prove all criticism wrong in January, increasing its USD value by nearly 40%.
As a result, this asset has become the most successful month since 2013.
10 Years Later – Massive Gains
2022 turned out to be one of the worst years for bitcoin in terms of price action as the entire industry deteriorated amid massive collapses. It all started with the Terra ecosystem implosion mid-Year, followed by numerous bankruptcy filings from companies with exposure to LUNA and UST.
The sector was finally starting to recover at the end of the year when FTX went down in an even more spectacular fashion. Being a giant on the ground until November, the contagion spread viciously, and the ripple effects were felt almost everywhere.
Focusing on Bitcoin, it fell under $16,000 for the first time in approximately two years. By way of reference, more than $46,000 was exchanged on January 1, 2022. As such, it ended last year with a 65% drop, despite adding about $1,000 at the end.
The first week of the new year was a little similar, with btc standing still under 17 grand. However, the asset eventually collapsed over this coveted line on January 9 and has never been reversed since. On the contrary, it jumped to two figures and reached a five-month high of $24,000 last weekend. Despite a loss in value over the next two days, Bitcoin was still able to close the month at approximately $23,000, an increase of 39.66%, according to Coinglass.
This makes it the most successful January since 2013, when it exploded by 44 per cent. Overall, this past January was the best month for BTC since October 2021 (39.93%).
What's happening with February?
Given that February has already arrived, it is interesting to see what the story tells us about the performance of the BTC during that month. As shown in the image above, it has been very positive for cryptocurrency since coins keep files (2013).
In fact, Ten years ago, February was number one, with prices rising sharply by 61.77%, Followed by 2021 (36.78%). only in 2014 (-31.03%) and 2020 (-8.6%) Bitcoin finished the month at a price value below what it entered.
The predictions for this year vary widely, with numerous BTC proponents envisioning massive price gains and critics foreseeing another bearish year.
