Bitcoin may be far below the all-time high of $69,044 it touched towards the end of 2021, but this much is true: It has exceeded expectations in 2023 by surging 86% since the start of the year, when it was trading for less than $17,000. 

The “digital gold” is today trading for over $30,000 per coin as institutional money floods into the market following a number of high-profile exchange-traded fund applications, the launch of a crypto exchange backed by Wall Street big wigs and—according to some—those looking for an inflation hedge. 

But how long will it last? Some experts told Decrypt that investor sentiment has really changed since last year. Others said that fiat liquidity issues mean the top may already be in. 

Liquidity refers to a market’s ability to facilitate conversion between an asset to fiat currency. When liquidity is poor, traders lose money due to events like thin order books, and larger spreads—and there can also be more volatility. 

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Author: Mathew Di Salvo

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