Cryptoverse: Bitcoin defies its doubters in 2023

If 2022 was the year that “broke bitcoin”, 2023 has been the year of trauma recovery. Bitcoin has bounced pluckily in the face of depressed crypto prices, low trading volumes and tough economic conditions. It even found a second wind in October following a summer slump. “We’ve had a nice recovery, but we’re just in the cusp of the new cycle,” said Kelvin Koh, co-founder and managing partner at investment firm Spartan Group.

Indeed, 2023 has been a surprisingly good year for bitcoin. The king of cryptocurrencies has leapt 164% since Jan. 1 and is trading above $40,000. It has outpaced traditional assets, including gold which has risen 10% and the S&P 500 which has gained 20%.