Bitcoin and cryptocurrencies have shown record performance amidst stock market volatility in 2023. Canaccord analysts highlight that Bitcoin has led among cryptocurrencies.
Bitcoin and Cryptocurrencies in 2023
Throughout the year, Bitcoin and cryptocurrencies have experienced both all-time highs and sharp corrections. Despite this volatility, cryptocurrencies have outperformed stocks.
Canaccord Analysis
Canaccord analysts noted that Bitcoin completed the third quarter with an approximately 140% increase year-over-year, outpacing Ethereum, which gained 60%, and the S&P 500 index, which gained 30%.
Future Projections
Canaccord suggests that if Bitcoin follows historical patterns, it will trend upward within 6-12 months after the halving, reaching new highs 2-6 months later. This potential rise could begin from now until April. Analysts also highlight that the FED's rate cuts and positive market dynamics support the growth of cryptocurrencies.
Despite a diminished role as an inflation hedge, analysts point out that Bitcoin's growth is supported by current low interest rates and positive market conditions.
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