Analysts Call Q2 2023 An Important Moment For Crypto Market
The crypto market got off to a strong start in 2023, after ending the first quarter with a total market capitalization of USD 1.2 trillion or the equivalent of IDR 17,617 trillion (assuming an exchange rate of IDR 14,680 per US dollar).
This is greater than the performance of crypto in 2022 which ended at USD 829 billion or the equivalent of IDR 12,170 trillion, this reflects a gain of 48.9 percent
In particular, Bitcoin has emerged as the best performing asset class in the first quarter of 2023, with a gain of around 70 percent, making it the best investment asset since the first quarter of 2021, compared to stocks and gold.
Tokocrypto External Trader, Fyqieh Fachrur, sees the strong recovery of the crypto market in the first quarter marking a big change compared to the bear market situation in 2022.
Trading volumes saw an increase in January 2023, when the market started to rally. It then spiked briefly in early March, due to increased volatility from the banking crisis.
"The stability of the Bitcoin price in the first quarter of 2023 creates a narrative that is a golden opportunity for investors who can identify and look for crypto projects with great potential," said Fyqieh in a written statement, Friday (28/4/2023).
Bitcoin managed to maintain its positive momentum, showing greater resilience compared to the previous year,
Apart from Bitcoin, according to Fyqieh various altcoins are also experiencing impressive price increases, creating opportunities for investors looking for crypto projects with great potential.
With a significant increase occurring in the first quarter of 2023, the crypto market is showing positive signs for the second quarter.
However, according to Fyqieh there are still external factors that need attention, such as the Fed's policies and the upcoming May Consumer Price Index (CPI) data, which can have a significant impact on the crypto market.
"The second quarter will be a key moment to determine whether the crypto market can maintain the price increases experienced in the first quarter. The main question for the second quarter is the Fed's monetary policy," explained Fyqieh.
Many investors hope to at least provide stability where BTC does not experience too sharp a correction.