• Bitcoin grew 93% in comparison to gold in 2023.
• In contrast to Bitcoin’s triple-digit growth rate in 2023, the altcoins could only grow by 37%.

Putting the pain of the crypto winter behind, the digital assets market, led by Bitcoin [BTC] and Ethereum [ETH], posted a strong recovery in 2023.

While the king coin has more than doubled in value since the start of the year, the king of alts accumulated gains of more than 50%, according to CoinMarketCap. And although the last two quarters were relatively calm, the signs of a bullish market were stronger than ever at the time of publication.

How much are 1,10,100 BTCs worth today?

‘Digital gold’ beats real world counterpart

The 2023 boom pushed the digital assets market far ahead of traditional market bellwethers.

According to a report published by on-chain analytics firm Glassnode, Bitcoin grew 93% in comparison to gold. Similarly, ETH appreciated almost 40% relative to the most popular store of value.

On a closer examination, it became evident that the momentum in crypto market accelerated since mid-October. Optimism over approval of half-a-dozen odd spot BTC exchange-traded fund (ETF) applications was the major catalyst.

What would be of particular interest to prospective investors was that the rally came amidst a period of global uncertainty. The conflict in the Middle East induced concerns over the macroeconomic health of countries and ca

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Author: Aniket Verma

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