Bitcoin Prices Have Dropped Below $30K as Correction Looms
Bitcoin has posted the strongest quarterly returns since its November 2021 all-time high, gaining over 80% since the start of the year and making it the best-performing asset of 2023 so far. Comparatively, gold has gained just 9% in the same period, while the NASDAQ 100 has managed around 20% and the S&P 500 has only managed an 8.5% gain. On-chain analytics provider Glassnode has confirmed Bitcoin’s strong performance and stated that a favorable regime shift is underway. The firm also investigated the premise of a return to a full bull market and reported that a large amount of BTC has returned to profit recently. Several on-chain indicators suggest that bear market conditions, or at least the worst of it, may now be behind us. However, crypto market corrections are to be expected, and Bitcoin has dropped below $30k in a 1.8% slide on the day to trade at $29,464 at the time of writing. Total market capitalization is down 1.2% to $1.3 trillion, according to CoinGecko.
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